Sentences with phrase «borrower becomes an owner»

A transfer resulting from a decree of a dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property;

-- including a lien on the stock of a cooperative housing corporation (a «co-op»)-- no lender can enforce its due - on - sale clause due to any of the following prevalent circumstances: (1) The creation of a lien (or other encumbrance subordinate to the lender's security instrument) that does not relate to a transfer of rights of occupancy in the property; (2) The creation of a purchase money security interest for household appliances; (3) A transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety; (4) The granting of a leasehold interest of three years or less * not containing an option to purchase (5) A transfer to a relative resulting from the death of a borrower; (6) A transfer where the spouse or children of the borrower would become owners of the property; (7) A transfer resulting from a decree of dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property (8) A transfer of the borrower's property into an inter vivos trust in which the borrower is and remains a beneficiary and which [trust agreement] does not relate to a transfer of rights of occupancy in the property; or (9) Any other transfer or disposition described in regulations prescribed by the Federal Home Loan Bank Board.

Not exact matches

According to early Anglo - Norman law, the «pledgor» (i.e., the borrower) who buys a home using a loan must pay back the debt in order to become the rightful owner of the property.

Thus, if a borrower defaults, the mezz provider becomes the property's owner and operator.

«While loose lending standards in the mid-2000's led to the rise in subprime buyers who ultimately became distressed owners, falling home prices and rising unemployment resulted in a large share of prime borrowers also defaulting or going through a short sale,» he said.