Sentences with phrase «borrower does»

(3) Borrower does not have sufficient funds to close the loan.

This is mainly because a borrower doesn't have any other option.

This type of loan can work in a situation where the borrower does not have enough income to cover amortizing payments or believes they can refinance the principal with another loan at the end of the term.

Although, the average borrower does have a credit score of 766.

Care must be taken that the amount of forgone interest from the borrower plus other gifts to the borrower does not exceed the annual exclusion amount.

Like an interest only loan, the balloon payment loan can work when the borrower does not have enough income to cover amortizing payments or believes they can refinance the principal with another loan at the end of the term.

If a potential borrower doesn't have any previous credit history to their name, the lender will probably think that making a loan to that person is too risky for them.

In a balloon payment the borrower does not make any payments during the term of the loan.

Having a cosigner take on the legal responsibility of the loan can lead to a lower interest rate because the cosigner is required to repay the loan if the borrower does not.

If the borrower does not or can not continue to pay the mortgage, the stay is lifted and the lender can foreclose.

A cosigner is necessary when the borrower does not have a reliable source of income, lacks a healthy credit score (or credit history at all), or simply appears to be a risk in the eyes of the lender.

The Lender is required to foreclose if the borrower does not occupy the property as their primary residence.

If the primary borrower does not pay, you may find yourself contacted by debt collectors, or part of a debt collection lawsuit.

The lender can seize the asset if the borrower doesn't repay the debt according to the terms.

Fees and charges should be explained in the lender's loan agreement, along with a notification that late fees that may be applied if the borrower doesn't make payments on time.

Who cares if the borrower doesn't meet their cash - reserve requirements?

Basically, if the Servicer refuses to let you exercise your rights, violates your rights, fails to inform you of programs available to correct the default, or makes a false assertion such as the Borrower doesn't occupy the property when they do, accelerates foreclosure - this constitutes a wrongful foreclosure.

This is common in certain type of refinances like FHA Streamline Refinances and VA IRRRLs where the borrower does not want to come to closing with any money & would also like to keep the new loan balance from increasing as a result of refinancing.

With reverse mortgages, if it is determined from the documentation that a qualifying borrower does not have the capacity to cover the financial responsibilities of the loan, they are required to set aside part of their loan funds to cover these obligations, but they are not automatically denied the reverse mortgage loan.

For instance, if a borrower does not have much credit under the first source the lender would then be able to turn to the secondary source.

However, our borrower does not actually have $ 1,299.50 for such FHA mortgage payments because we have not considered insurance and taxes.

Borrower's are taught to view impound accounts as a good thing because the borrower does not have to worry about paying taxes or insurance himself because the lender «takes care of it.»

If, however, a borrower does not respond to the Project Lifeline letter within 10 days, that borrower's loan servicer will initiate the foreclosure process.

Repossession: Property that is taken back by the creditor when the borrower does not make payments due on the property.

If the borrower does not pay the loan for 30 days, the title loan lender can seek to repossess the vehicle, but the borrower is given a chance to turn in the vehicle in a timely manner.

Closing costs are generally financed as part of the loan, so the borrower does not pay these costs out of pocket.

If a borrower doesn't make his or her payments, Prosper and Lending Club do everything within their power to get the borrower to pay (including using collections agencies, taking people to court, etc).

This is because the borrower does not turn over the vehicle to the lender.

Investment properties may only be refinanced without an appraisal (properties in which the borrower does not reside in as her or his principal residence).

Lenders create registered mortgages on properties which let the lender sell the property if the borrower does not pay the mortgage off.

This is due to the fact that probably, the borrower does not have enough assets to cover for the loan amount (otherwise he would not have needed a co-signer for approval).

This means you are likely to lose some or all of your money if the borrower does not repay their loan.

Think very carefully before giving a guarantee if you are at risk of losing your only home if the borrower does not pay.

However, because a student borrower does not need to track and report what he or she has spent their student loan funds on, there may be times when student aid money does not always go towards paying for true educational expenses.

Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal and, thus, closing costs may not be included in the new mortgage amount.

However, this GIC secures the original loan so the borrower does not have access to this money right away.

During the length of the loan, the borrower doesn't have access to the funds in the account.

The borrower does not make any payments during the loan term.

If the borrower does not pay, then the cosigner must.

Most private lenders will secure the loan to the property, which can be sold if the borrower does not make their payments.

Like an interest - only loan, the balloon payment loan can work when the borrower does not have enough income to cover amortizing payments or believes they can refinance the principal with another loan at the end of the term.

Secured Promissory Notes involve collateral terms (items that the lender can take if the borrower doesn't pay)

If the borrower does not act in accordance with the covenants, the loan can be considered in default and the lender has the right to demand payment (usually in full).

... Mortgage brokers know what the YSPs are in the wholesale prices quoted by a lender, but the borrower does not.

Allowing credit reporting agencies and Fair Isaac to charge for access to the tools to make you a better borrower doesn't promote education, it hinders it.

The borrower does not pay on these loans until the house is sold.

But personal loans can b e used for an y thing, and a borrower doesn't need to tell the lender what they intend to do with the money.

Our example borrower does not qualify for this repayment plan.

Despite its lenient eligibility guidelines, the FHA is ultimately an insurer of loans, so the agency will try to confirm that the borrower does not get into a mortgage that he / she can not afford.

A person with an established credit rating and sufficient earnings who guarantees to repay the loan for the borrower if the borrower does not.