Sentences with phrase «as death of a borrower»

Let me define «Legal Foreclosure» - it is when a maturity event has occurred such as the death of the borrower.

Servicers will be able to expedite processing a short sale for borrowers with hardships such as death of a borrower or co-borrower, divorce, disability or relocation for a job without any additional approval from Fannie Mae or Freddie Mac.

(ii) The loan term is disclosed as «N / A» when the loan term is conditioned upon the occurrence of a specified event, such as the death of the borrower or the borrower no longer occupying the property for a certain period of time; and

Not exact matches

The provisions in the bill would adjust how private student loan lenders treat the death or bankruptcy of co-signers, as well as how defaults are reported on a borrower's credit report.

Loans originated by Bank of Lake Mills include a feature which provides that, in the event of the borrower's death or total and permanent disability (as determined by us), the unpaid balance of the loan may, at our sole discretion, be eligible for cancellation.

A borrower with a Chapter 7 Bankruptcy discharged less than two years is ineligible unless significant extenuating circumstances, such as a serious long - term uninsured illness or death of a wage earner exist.

Yes, upon the death of the benefitting student, if the borrower dies and there is no cosigner, and if there is a cosigner, the loan will be forgiven only as to the deceased party.

Foreclosure is accelerated as soon as 30 to 60 days after the death of the Borrower.

This should include the following information: o The interest rate to be charged and whether the rate is fixed, variable or both; o Interest accrues from the time monies are advanced to the borrower and the interest is compounded; o All reverse mortgage fees and costs that must be paid by the borrower; o A description of any refinancing features that have been discussed with the borrower; o Any events that could terminate the reverse mortgage such as death or moving from the residence; o A description of any shared appreciation or equity participation features; and o A toll - free telephone number and the name of a contact person who can answer any questions, comments or complaints that the borrower may have.

Privately - backed student loans are not treated the same as federally - backed student loans when it comes to the death of a borrower.

FHA describes extenuating circumstances as circumstances that were beyond the control of the borrower, such as a serious illness or death of a wage earner, and the borrower has re-established good credit since the major credit event.

What is worse than that, lenders frequently use the death or bankruptcy of the co-signer as a trigger to demand the immediate full repayment of the entire amount of the loan from the student borrower.

Exception: A lender may make an exception to this rule for a borrower in default on a mortgage at the time of the short sale if the default was due to circumstances beyond the borrower's control, such as the death of a primary wage earner or long - term uninsured illness, and a review of the credit report indicates satisfactory credit before the circumstances beyond the borrower's control that caused the default.

Exception: The lender may grant an exception to the three - year requirement if the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower, such as a serious illness or death of a wage earner, and the borrower has re-established good credit since the foreclosure.

Collateral assignment secures a loan in case of the borrower's death, using the face value of the policy (rather than accrued equity, as is the case with whole life insurance).

A new Senate bill is intended to end a couple of private student loan practices that have harmed borrowers.The American student loan crisis is garnering the attention of lawmakers, and now there are two new proposals in the Senate banking bill to ease the pressure debt is putting on student loan borrowers, according to CNBC.The latest proposals aim to mitigate the negative effect of student loans would tackle how private student loan lenders approach the issue of a cosigner's death or bankruptcy, as well as how defaults would be reported on the borrower's credit report.Numerous studies have pointed toward...

An administrative forbearance may be used for temporary suspension of collection activity while researching borrower disputes, awaiting bankruptcy and death documents, or for other circumstances as approved by the Lender.

The death or bankruptcy filing of a co-signer can trigger ruinous consequences for borrowers who have been paying their loans on time for years, such as negative credit reports that make it harder for them to get a job or access loans.

However, if your federal loans are Parent Plus loans, although they'll still die with you as the borrower, your parents will most likely have to provide the loan servicer with acceptable documentation of your death, like the original, certified, or photocopied version of the death certificate.

Mortgage life insurance is defined as a type of policy that is created for the primary purpose of paying off a person's mortgage in the case of the borrower's death while there is still a balance due.

Privately - backed student loans are not treated the same as federally - backed student loans when it comes to the death of a borrower.

Collateral assignment secures a loan in case of the borrower's death, using the face value of the policy (rather than accrued equity, as is the case with whole life insurance).

In the event of the death of the primary borrower / co-borrower due to suicide, cover on the other life will continue as they are independent insurance covers.

In case the Master Policy is issued under Lender - Borrower category to any of the «Regulated Entities», the Member shall have an option to issue an authorization in favour of insurer to the effect that in the unfortunate event of the Member's death during the Coverage Term, the claim amount, if any payable under the Master Policy shall first be utilized for payment to Master Policyholder for the outstanding loan amount as specified in Master Policyholder's Credit Account Statement and the balance amount, if any, payable under the Master Policy will be payable to the Member's Nominees / legal heirs or legal representatives (as applicable).

Eligible hardships often include death of a borrower or co-borrower, divorce, disability, or job relocation (such as a job transfer or new employment 50 miles away from their current home).

Exception: A lender may make an exception to this rule for a borrower in default on a mortgage at the time of the short sale if the default was due to circumstances beyond the borrower's control, such as the death of a primary wage earner or long - term uninsured illness, and if a review of the credit report indicates satisfactory credit before the circumstances beyond the borrower's control that caused the default.