Not exact matches
Default is when a
borrower simply does not
meet his or her repayment
obligation.
Personal credit score is really a reflection of how a
borrower meets his or her personal credit
obligations and may not necessarily be the best way to determine business creditworthiness — your business credit profile may be a better reflection of that.
Credit risk is the risk of loss of principal or loss of a financial reward stemming from a
borrower's failure to repay a loan or otherwise
meet a contractual
obligation.
By enforcing residual income requirements, the VA increases the chances of its
borrowers earning sufficient income to
meet all financial
obligations, and also ensures
borrowers have a cushion in the event of an emergency.
• Further explain a reverse mortgage • Tell you about reverse mortgage product options • Go over reverse mortgage costs, such as the total annual cost • Help you determine your
borrower eligibility • Help you determine if you can afford a reverse mortgage • Help you determine if you can
meet all financial
obligations such as maintaining your taxes and insurance • Expose you to alternative options like tax deferral programs, grant money, financial assistance, etc. • Explain how your choice can impact your heirs and estate • Go over loan comparisons
Foreclosure: Lender legally takes possession of a mortgaged property when
borrower is unable to make payments or
meet obligations.
Mortgage insurance is an insurance policy that protects a mortgage lender or title holder in the event that the
borrower defaults on payments, dies or is otherwise unable to
meet the contractual
obligations of the mortgage.
A bad credit personal loan is a loan designed specifically for those
borrowers who have less than perfect credit, due to illness or injury that prevented them from working and
meeting payment
obligation, or job loss due to the weak economy that has forced hundreds of companies to shut down and thousands of workers to lose their jobs.
In essence, the new changes will require mortgagees to conduct the financial assessment in order to evaluate reverse mortgage
borrowers more thoroughly and to provide at risk
borrowers with the means to
meet their loan
obligations.
A reverse mortgage allows homeowners 62 and older to convert a portion of their home equity into usable funds without having to repay the loan for as long as the loan
obligations are
met.1 The fact that reverse mortgages do not require monthly mortgage payments2 often leaves potential
borrowers with questions about when the loan -LSB-...]
If it is found that the
borrower has not demonstrated willingness or ability to
meet financial
obligations, then the mortgagee must require a «Life Expectancy Set - Aside».
By using your vehicle as collateral,
borrowers must consent that their title can have a lien placed against it by the lender or have their vehicle repossessed for nonpayment and or failing to
meet the lender's
obligations.
Reverse mortgages do not require monthly payments and do not become due until the last
borrower no longer occupies the home as their primary residence or fails to
meet the loan
obligations.5 Retirees may be able to improve their monthly cash flow and live a more comfortable lifestyle, by using a reverse mortgage to pay off their home or simply access their home equity to supplement their retirement income.
Default occurs when a
borrower fails to
meet the
obligations of the loan contract, including failure to make loan payments.
As with any home - secured loan, the
borrower must
meet their loan
obligations: keeping current with property - related taxes, insurance, maintenance and any homeowners association fees; failure to pay these amounts may cause the loan to come due, may subject the property to a tax lien or other encumbrances, or may result in the loss of the home; 4.
This type of mortgage allows homeowners 62 + years old to convert a portion of their home equity into usable funds without having to repay the loan for as long as the
borrower continues to
meet the loan
obligations.1 As you evaluate this financing option consider -LSB-...]
The loan typically does not become due, as long as the
borrower meets the loan
obligations.
A reverse mortgage allows homeowners 62 and older to convert a portion of their home equity into usable funds without having to repay the loan for as long as the loan
obligations are
met.1 The fact that reverse mortgages do not require monthly mortgage payments2 often leaves potential
borrowers with questions about when the loan needs to be repaid.
The loan
obligations require the
borrower to pay for their own homeowners» insurance, property taxes, and maintain their home in accordance with guidelines mandated by the Department of Housing and Urban Development.1 As long as these terms are
met; monthly mortgage payments are not required.
When a
borrower sells their home or moves out, their loan
obligations are no longer being
met.
You do not
meet the
borrower obligations of maintaining payment of property taxes, homeowners insurance, homeowner's association fees, and basic home repairs or you fail to comply with other loan terms.
It is critical... that
borrowers who pursue rehabilitation understand that it can only be successfully completed once and, as such, may not be the most suitable option for
borrowers who may not be able to continue to
meet their monthly payment
obligations once they return to current status.
A reverse mortgage becomes due when the
borrower fails to
meet the loan
obligations or no longer occupies the home as their primary residence.
FHA insures that
borrowers can live in their home as long as basic loan
obligations are
met (homeowner's insurance in force, property tax payments current and the home is maintained in good condition).
To help ensure the long - term success of the HECM loan over time, HUD requires a review of each applicant's credit history, property tax payments and other credit factors that will be evaluated to measure a
borrower's willingness and financial capacity to
meet the ongoing
obligations of the loan.
Borrowers must continue to
meet ongoing property
obligations such as homeowner's insurance and property tax payments.
The main aim is to help
borrowers access much - needed credit to
meet different financial
obligations.
An inability to
meet obligations, hold a job, attend class, or pay basic bills on time can all act as signs that a
borrower is irresponsible and may struggle to repay their refinanced student debt — leaving you liable.
Apparently the
borrower with the poor credit
met their loan
obligations.
As rates rise, these
borrowers, many of whom have adjustable - rate mortgages, find themselves unable to
meet their debt
obligations.
Once the last surviving
borrower passes away (and any non-borrowing spouse), the home is sold or the
obligations of the loan are not
met, the loan must be repaid.
- Have you considered what you will offer as collateral (the asset or assets that will be transferred to your lender if you can not
meet your loan
obligations) should your lender want loan security - Have you lined up a cosigner (someone who agrees to be liable for the debt if the
borrower can not repay) should your lender request one?
Default is when a
borrower simply does not
meet his or her repayment
obligation.
Many
borrowers take home equity loans to pay off debts and
meet certain financial
obligations but there are some who simply need it to fund their businesses.
When you cosign a loan, you agree to be 100 percent responsible for that loan if the primary
borrower fails to
meet their
obligations.
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.
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.
It could actually boost a person's credit score and increase the chance for mortgage approval, especially if the
borrower (A) has made all loan payments on time and (B) has sufficient income to
meet those
obligations.
Full - payment test: Lenders are required to determine whether the
borrower can afford the loan payments and still
meet basic living expenses and major financial
obligations.
Credit risk is most simply defined as the potential of a bank
borrower or counterparty to fail in
meeting its
obligations in accordance with agreed terms.
Depending on factors including: length of credit history, income and existing credit
obligations, student
borrowers without a cosigner may be required to
meet the minimum FICO ® score as determined by Ascent Student Loans.
The loan will not become due as long as the
borrower continues to
meet loan
obligations such as living in the home as their primary residence, maintaining the home according to the FHA requirements, and paying property taxes and homeowners insurance.
If interest and cap rates rise before rents, many
borrowers may not be able to
meet their debt
obligations.
On top of that, he adds,
borrowers who make a good - faith effort to
meet their
obligations can typically get short - term financial help through revolving loan funds.
State Farm attempts to structure its loans so that the
borrower could sustain a tenant loss and still
meet its debt - service
obligation without any problem.
Foreclosure - A legal process by which the lender takes possession and ownership of a property when the
borrower doesn't
meet the mortgage
obligations.
The loan typically does not become due, as long as the
borrower meets the loan
obligations.
The loan may also be due if the
borrower (s) no longer
meet the loan
obligations.2
Although
borrowers were accustomed to having no credit requirements before this change, they are now evaluated more thoroughly, allowing at - risk
borrowers with the means to
meet their loan
obligations, if needed.
By enforcing residual income requirements, the VA increases the chances of its
borrowers earning sufficient income to
meet all financial
obligations, and to have a cushion in the event of a crisis.