Sentences with phrase «if the borrower defaults on a loan of»

Not exact matches

Loans that have been in default can be consolidated after three consecutive monthly payments have been made or if the borrower agrees to repay the consolidation loans under an income - driven repayment plan (where the payments are based on the income of the borroLoans that have been in default can be consolidated after three consecutive monthly payments have been made or if the borrower agrees to repay the consolidation loans under an income - driven repayment plan (where the payments are based on the income of the borroloans under an income - driven repayment plan (where the payments are based on the income of the borrower).

If you do not make any payments on your defaulted loan (s) prior to consolidating them, you will be required to sign - up immediately for one of the alternative payment plans available to all federal student loan borrowers.

For example, if a borrower defaults on their mortgage, Fannie and Freddie are responsible for the losses on the loans they guarantee to investors, while Ginnie Mae is financially responsible for the bond payments to the holders of Ginnie Mae securities.

«If the main borrower makes late payments or defaults on the loan, this can negatively impact both of your credit scores.

Since investors» money and risk of loss is directly tied to an individual borrower, it could present the borrower with an unsafe situation if they were to default on a loan with their identity or personal details known.

The lender is protected if a borrower defaults on the loan, and the borrower is protected if the lender goes out of business or the loan balance exceeds the value of the home.

«Those who have criticized low - down payment lending as excessively risky should know that if the past is a guide, only a narrow group of borrowers will receive these loans, and the overall impact on default rates is likely to be negligible.

On the part of the borrower, you may be asked for the immediate repayment of your loan balance if your loan enter default and your cosigner is dead or has become bankrupt.

While the VA guaranty inspires confidence, lenders are still on the hook for 75 percent of that loan if the borrower defaults.

If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.

However, on the flip side, if large groups of borrowers weren't defaulting on their student loans, then there wouldn't be the need for any sort of debt collection method, good or bad.

Non-recourse means if a borrower defaults on the loan, the issuer can seize the home asset, but can not seek any further compensation from the borrower — even if the collateral asset does not fully cover the full value of the loan.

When Fannie and Freddie buy loans, they assume the majority of the risk if a borrower defaults on their mortgage.

For example, a government - backed loan in default can subject the borrower to an administrative wage garnishment (that is, a garnishment without the creditor first obtaining a court judgment) of 15 % of disposable income, and this would be in addition to any state law garnishment by another creditor (under New York law, of several creditors have judgments against a debtor, only one at a time can garnish 10 % of wages, but a government student loan can be imposed on top of a state law garnishment.A borrower can also lose tax refunds if in default on a government student loan.

This can be done by way of loan products that require mortgage insurance that covers the lender if the borrower should default on the loan.

By lending to risky borrowers, the companies are assuming larger amounts of risk that can lead to financial problems if the borrowers default on their loans.

Private Mortgage Insurance (PMI) is a part of the loan payment and protects the lender if a borrower defaults on a home loan.

If your loan is secured with collateral you might be able to give the borrower a discount on the interest rate since there is a greater probability that you can recover your principal in the event of a default.

These benefits are possible because the VA promises to repay at least a quarter of the loan amount if one of its borrowers defaults on the mortgage.

If a borrower is in danger of defaulting on their debt, a restructured auto loan agreement can be helpful for getting their finances back on track.

The secured nature of the loan means if the borrower defaults on a loan then the lender has a means to recoup part or all of the outstanding balance by seizing and then selling the asset.

Borrowers certainly don't enter any long term mortgage agreement with the full intent of defaulting on the loan and lenders wouldn't issue any mortgage if it was clear the borrowers had no desire to keep tBorrowers certainly don't enter any long term mortgage agreement with the full intent of defaulting on the loan and lenders wouldn't issue any mortgage if it was clear the borrowers had no desire to keep tborrowers had no desire to keep the house.

Proponents of the law say that it is in the best interest of the taxpayers who will be stuck footing the bill if borrowers default on their loans.

But VA lenders can and do enact their own, stricter requirements beyond what the VA mandates, which makes sense considering lenders are on the hook for 75 percent of the loan if the borrower defaults.

If a borrower defaults on a loan, the automobile may be repossessed but LoanMart will work with you if contacted ahead of tiIf a borrower defaults on a loan, the automobile may be repossessed but LoanMart will work with you if contacted ahead of tiif contacted ahead of time

If the borrower of a loan made under this part who has defaulted on the loan makes 12 on time, consecutive, monthly payments of amounts owed on the loan, as determined by the institution, or by the Secretary in the case of a loan held by the Secretary, the loan shall be considered rehabilitated, and the institution that made that loan (or the Secretary, in the case of a loan held by the Secretary) shall request that any credit bureau organization or credit reporting agency to which the default was reported remove the default from the borrower's credit history.

If the borrower defaults on the 1st loan, the lien holder of the 1st will be able to foreclose on the property and wipe out the 2nd lien holder's interest in the property.

While the borrower pays the premium — which can add thousands of dollars to the cost of buying a home — the insurance actually protects the lender if the borrower defaults on the loan.

If one ex-spouse failed to make his or her share of the joint payment, the other ex-spouse would be forced to make the full payment or risk ruining the credit scores of both borrowers by defaulting on the joint loan.

Payment shock threshold is based on the idea that a borrower who is already paying significant housing payments every month can handle a larger payment, while a borrower who has very small housing payments currently may be a victim of payment shock and default on the loan if the payments are significantly higher than the monthly payments they are currently making.

At LoanMart, we consider it our duty to inform you about what takes place if a borrower defaults on a title loan along with all other aspects of the title loan process so that you feel equipped to make the best decision.

Most personal loans lack collateral — property that can be taken if the borrower defaults — so they rely on the integrity of the borrower to repay the loan's principal and interest.

Loans that have been in default can be consolidated after three consecutive monthly payments have been made or if the borrower agrees to repay the consolidation loans under an income - driven repayment plan (where the payments are based on the income of the borroLoans that have been in default can be consolidated after three consecutive monthly payments have been made or if the borrower agrees to repay the consolidation loans under an income - driven repayment plan (where the payments are based on the income of the borroloans under an income - driven repayment plan (where the payments are based on the income of the borrower).

A legally binding Loan Agreement not only maps out the terms of the loan, but it also protects you if the borrower defaults on the lLoan Agreement not only maps out the terms of the loan, but it also protects you if the borrower defaults on the lloan, but it also protects you if the borrower defaults on the loanloan.

If, however, the borrower you vouch for defaults you could be on the hook for the entirety of that loan.

If a good portion of the loan was paid off prior to default, the borrower you cosigned for may be able to obtain a refinance on their own.

Recourse — If the borrower defaults on a loan, the borrower pledges all of their other assets to repay the loan.

Banks are typically averse to underwriting non-recourse loans as it means assuming more risk on their part as this type of loan only allows them to foreclose on the property in the event of a default, and does not allow them to seek additional money from the borrower if the proceeds from the foreclosure are less than what is owed on the loan.

With a VA loan, the federal government guarantees that a portion of the loan will be repaid even if the borrower defaults on its terms.

The lender is protected if a borrower defaults on the loan, and the borrower is protected if the lender goes out of business or the loan balance exceeds the value of the home.