Sentences with phrase «borrower loses the property»
If loan is not paid off, then the borrower loses the property to the lender.
http://www.MortgageDeliveryGuy.ca/ Not exact matches
To avoid the risk of losing their property to creditors, many borrowers turn to matching services to secure a loan.
Foreclosure A legal procedure in which defaulting on mortgage payments or breaking the terms of the agreement cause a borrower to lose a property's title, or cause the property to be sold.
Those reckless borrowers paid the price when the housing bubble burst, property values plunged and they lost their homes.
As a borrower, it gives the guarantee that you will not lose a pledged property in case of failure to pay.
Albeit rarely, home equity loans are also used to stop a power of sale or foreclosure; thereby saving a borrower from losing their treasured property.
With no collateral backing the loan, the borrower will not lose any of their personal property in the event of a default on the loan.
A borrower may not have faced PMI when he purchased the property, but, if the house has lost value, PMI may suddenly be required.
As the borrower, you lose amount you already put into the loan plus valuable property that may be difficult to replace.
When a borrower defaults on a hard money loan they are in danger of being foreclosed upon and losing the property or properties which they used as collateral to secure the loan.
4 July 21, 2017)(unpublished), borrowers challenged the nonjudicial foreclosure of rental property by alleging, but losing, a claim that lenders / related servicing entities fraudulently induced them to let the loan go into default so that they could profit from the subsequent foreclosure.
The borrower (mortgagors) went into receivership, their property was sold and the second mortgagee lost its investment.
Comments Off on Borrowers Sue Banks More and More: Massachusetts Supreme Court Rules for Home Owner — Foreclosing Bank Loses, Had No Standing to Foreclose on Borrower Tags: Florida Real Estate Foreclosures, Foreclosure defense attorney, foreclosure defenses, Foreclosure Fraud, Loan Modification, Mortgage foreclosure, Property foreclosure, Wrongful Foreclosure
The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust.
The borrower must pay up, refinance, or lose the property.
From a borrower's perspective, it may be prudent to try to underwrite your collateral with a higher DSCR to account for variables such as losing a tenant or a major repair to the property.
For example, if I was to lend someone $ 67k on a property bought for $ 45k and the borrower walks, I lose bigtime.