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| | | Forum Newbie
Group: Forum Members
Last Login: 6/11/2007 9:07:27 AM
Posts: 4, Visits: 5 |
| | After installing the new version of Calyx Point 5.4a on our companies computers i've noticed verbiage (a paragraph long or so) on the 5th page of the 1003 that auto-populates. It does not auto-populate on all files created and i was wondering what triggers this verbiage? I know how to delete it. I also know that you use the fifth page for extra liabilites and assets that won't fit on Page 3. So what triggers this verbiage? Please Help! I called Point and they told me they didn't know. Thanks. Christine |
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| | | Supreme Being
Group: Forum Members
Last Login: 1/2/2009 6:24:50 AM
Posts: 111, Visits: 1,218 |
| | It sounds like you are referring to the balloon verbiage. If it's this "THIS LOAN MUST EITHER BE PAID IN FULL AT MATURITY OR REFINANCED TO A MARKET LEVEL FIXED-RATE MORTGAGE. YOU MUST REPAY THE ENTIRE PRINCIPAL BALANCE OF THE LOAN AND UNPAID INTEREST THEN DUE IF YOU DO NOT QUALIFY FOR THE CONDITIONAL RIGHT TO REFINANCE AS SPECIFIED IN THE NOTE ADDENDUM AND MORTGAGE RIDER. THE LENDER IS UNDER NO OBLIGATION TO REFINANCE THE LOAN IF QUALIFICATION CONDITIONS ARE NOT MET. YOU WILL, THEREFORE, BE REQUIRED TO MAKE PAYMENT OUT OF OTHER ASSETS THAT YOU MAY OWN, OR YOU WILL HAVE TO FIND A LENDER, WHICH MAY BE THE LENDER YOU HAVE THIS LOAN WITH, WILLING TO LEND YOU THE MONEY. IF YOU REFINANCE THIS LOAN AT MATURITY, YOU MAY HAVE TO PAY SOME OR ALL OF THE CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW LOAN EVEN IF YOU OBTAIN REFINANCING FROM THE SAME LENDER." verbiage, it's because you have a loan that has a balloon feature. Do some testing to see if it's only on your balloon loans.Hope that helps. |
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| | | Forum Newbie
Group: Forum Members
Last Login: 6/11/2007 9:07:27 AM
Posts: 4, Visits: 5 |
| | Yep that it is what it reads...Thanks for your help. I'll check that out. :-) |
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