As many lenders that originate USDA loans under the Single Family Housing Guaranteed Loan Program (“Program”) know, there is a short period of time – approximately two weeks - at the beginning of the fiscal year...Read More
The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Board of Governors of the Federal Reserve System (collectively, the “Agencies”)...Read More
Compliance Term of the Month
Dower and Curtesy
Dower is a wife’s interest in her husband’s real property upon his death. It entitles a surviving wife to a portion of her deceased husband’s real property during her lifetime to support herself and her children. Curtesy is a husband’s entitlement to a life estate in his deceased wife’s estate, but also requires that the couple have a living child capable of inheriting his/her mother’s estate. Dower and curtesy are common law doctrines, which have been abolished in most states and replaced with statutory law, which provide for a marital share with the same benefits regardless of gender.
Section 49-2(c) of the Connecticut General Statutes provides that advancements for taxes and other items may be made by a mortgagee or assignee of the mortgagee, under an open-end mortgage if certain requirements are met. Read More