Sentences with phrase «borrower fails»

The loan will also become due if the borrower fails to continue to pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements.

Borrower fails to pay property taxes and / or insurance and all attempts to rectify the situation have been exhausted

Delinquency Real estate delinquency, or as it is sometimes called a «late payment», happens when a borrower fails to make a payment in a timely way.

Keep in mind that a reverse mortgage is still secured with an interest in the home, so in the rare event that the borrower fails to comply with terms of the loan, the home may go into foreclosure.

Foreclosure — the legal process by which a bank or lender sells a property after a borrower fails to meet the repayment terms of the loan.

Default — Actual: When the borrower fails to meet the terms set out by the lender at the start of the mortgage.

Loans are meant to relieve financial stress, it will only become a negative situation if the borrower fails to repay the funds you borrowed.

If the borrower fails repay the loan in full by the time the due date comes, then the lender is allowed by the loan agreement to cash the check of the borrower in order to get repayment.

As a cosigner you will be required to pay back to loan if the primary borrower fails to do so, regardless of the reason for his or her failure.

Under the Georgia law, a lender may repossess the borrower's vehicle if the borrower fails to pay the amount owed plus the interest that comes with it within the given time period.

If the borrower fails to pay back the loan, he or she can either take out another loan with additional fees, or risk having the lender repossess the car.

When a borrower fails to make a loan payment there are a number of negative repercussions.

Typically, the borrower fails to make any payments and the house eventually goes into foreclosure.

A cosigner is a person who agrees to take on the student loan debt if the primary borrower fails to pay it.

-- If you are going to use your home, car, or other form of personal property as collateral, understand that these items can be taken away if the borrower fails to make payments.

(ii) The borrower fails to make an installment payment, when due, on any Direct Loan Program loan that was used to include the borrower in the cohort or on any Federal Direct Consolidation Loan Program loan that repaid a loan that was used to include the borrower in the cohort, and the borrower's failure persists for 360 days;

If the primary borrower fails to make monthly loan payments when they are due, the loan will become delinquent.

If the borrower fails to defend the deficiency lawsuit, the court will enter judgment in favor of the bank, a remedy that often results in wage garnishment or attachment of property.

If the borrower fails to repay the loan, the lender may take ownership of the collateral.

Default: This occurs when a borrower fails to pay the interest or principal on a loan by the due date.

This is because when a borrower fails to reapply on time, any interest that accumulated is automatically added to their total balance — a process known as capitalization.

A federal student loan enters default when a borrower fails to make a payment on it for 270 consecutive days.9 When this happens, the borrower's loan is transferred from the student loan servicer — a private contractor responsible for collecting payments on behalf of the federal government — to the Debt Management Collections System.10 Borrowers then have 60 days to come to a repayment arrangement with the Education Department.

That means that if the borrower fails to meet the terms of repayment and the cosigner doesn't do their part to chip in, both parties will be penalized.

This is what can happen when rates are rising and the borrower fails to lock in.

This is the kind of scenario that can happen when interest rates are rising (as they are in March 2013) and when the borrower fails to lock down the mortgage rate while they're low.

If a borrower fails to repay, the consequences can range from frequent calls from collection agencies to lawsuits.

Of course, that isn't without risk: if a borrower fails to make required payments, the lender can foreclose on the borrower's home.

However, if the borrower fails to comply with the program or plan or requests further assistance, the servicer must immediately resume reasonable diligence efforts.

Rates assume automatic payment from an eligible Wells Fargo business checking account, and may be higher if the borrower fails to provide collateral, or an account default occurs.

If the borrower fails verification the loan will not be issued.

And once a borrower fails to make initial payments, a creditor is not obligated to honor that provision.

As of fiscal year 2013 about $ 94 billion — over 11 percent of federal student loan volume in repayment — was in default, which generally occurs when a borrower fails to make a payment for more than 270 days.

A reverse mortgage loan will become due if the borrower fails to meet the obligations of the loan, which include timely payment of property taxes, insurance and any homeowners association fees, and maintaining the property.

Foreclosure: When a borrower fails to meet the obligations agreed upon in the mortgage loan agreement and the lender repossesses the property in order to get the money they loaned to the borrower back.

If the policy is ever canceled or non-renewed AND the borrower fails to secure a replacement policy, then the lender will have no choice than to purchase a «forced placed» policy.

When you cosign a loan, you agree to be 100 percent responsible for that loan if the primary borrower fails to meet their obligations.

The registered mortgage lets the lender sell the property if the borrower fails to pay their fees.

The co-signer must only sign if he will be able to pay the monthly payments in the event that the borrower fails to do so.

The only difference with banks is that private lenders charge high interests to make sure they get as much money back as possible before a borrower fails to pay.

If the borrower fails to comply with a covenant, the lender can immediately request repayment of the loan.

Of course, cosigning can be risky if the borrower fails to make payments each month on the loan.

This means that if the borrower fails to pay their mortgage fees, the lender can sell the property to reclaim their investment.

If a borrower fails to meet the underwriting requirements of traditional banks and lending institutions out there, they must resort to using a subprime lender who in turn will offer a higher interest rate in exchange for elevated risk.

Since with a secured loan, the car is guaranteeing the loan, the lender might claim the car if the borrower fails to make the monthly payments.

If the borrower fails to reimburse, the loan provider will not lose money.

A policy that provides a lender with partial protection against a loss in the event a borrower fails to pay on a mortgage loan.

For FFEL and Direct Loans, default occurs if a borrower fails to make a payment for 270 days if the loan is repaid monthly.

Private mortgage insurance is a policy that provides a lender with partial protection against a loss in the event a borrower fails to pay on a mortgage loan.

Creditors can offer secured loans which are secured by assets or «Collateral» which can be sold if the debtor or borrower fails to make payments, allowing the creditor to regain the money lent to the borrower.

This can generally be done if the borrower fails to make loan payments and the loan is in default.