Sentences with phrase «contractual obligations of the mortgage»
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.
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The mortgage acceleration clause is a provision in the mortgage loan contract that provides the lender with the legal right to demand repayment of the remaining balance of the loan under certain circumstances, usually when a contractual obligation is violated.