Sentences with phrase «default on his mortgage payments»

As your home is a major investment, a lot is at stake in case of defaulting on mortgage payments or failure in maintenance.

Mortgage Insurance Premium Monthly payments made by a mortgage borrower to the Federal Housing Administration (FHA), or to a private lender for transmittal to the FHA, to protect against default on mortgage payments.

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.

If you default on your mortgage payments, the lender generally has the right to foreclose on the home.

Your home is a major investment and you have a great deal to lose if you default on your mortgage payments or fail to maintain the property.

Defaulting on a mortgage payment is a serious delinquency due to the size of loan, remaining on credit reports for the next seven years.

Assuming you did not default on your mortgage payments, you may be eligible for a refund on part of your insurance premium.

If you acquire a FHA Loan to purchase a home, the FHA is not actually lending money to you, the buyer; the FHA simply guarantees the lender in case you, the borrower, default on your mortgage payments.

PMI provides your lender with financial protection in case you default on your mortgage payments.

MORTGAGE DEFAULT INSURANCE A type of insurance which protects the mortgage lender in case the borrower defaults on the mortgage payments.

Similar to VA and USDA Loans, FHA Loans are government insured; meaning, lenders are protected against the financial ramifications of homeowners defaulting on their mortgage payments.

«The absence of equity in their home has become a key predictor of a borrower defaulting on their mortgage payment in this distressed market.

Whenever you put less than a 20 % down payment the banks use «mortgage insurers» to insure the mortgage because of the percieved higher risk that you may default on the mortgage payments.

Strategic default: The property owner intentionally defaults on mortgage payments rather than continue to make payments on a property with a greatly reduced value.

Then, in 2010 the father fell into default on his mortgage payments, and his home was seized and sold by the bank.

Your home is a major investment and you have a great deal to lose if you default on your mortgage payments or fail to maintain the property.

Not exact matches

If the homeowner defaults on his or her payments and the lender faces a loss following foreclosure, mortgage insurance covers the difference and turns a high - risk customer into a zero - risk customer.

When a mortgage default occurs, it's because the homeowner has stopped making payments on the home and at least 3 consecutive payments have been missed, which creates a loss for the lender.

For example, if a borrower defaults on their mortgage, Fannie and Freddie are responsible for the losses on the loans they guarantee to investors, while Ginnie Mae is financially responsible for the bond payments to the holders of Ginnie Mae securities.

Leaving them with no jobs and no redundancy pay, means that some staff are facing the very real prospect of defaulting on rent or mortgage payments and losing their homes.

«If on reasonable notice an MP is unwilling to or unable to produce such statements, the payments concerned should in default be determined to be invalid and the MPs will be recommended to repay the whole of the allowance granted for the mortgage,» Sir Thomas wrote.

(ii) within such period as may be specified in the guarantee or related agreements, the Secretary shall pay to the holder of the guarantee, to the extent provided under subsection (a)(2), the unpaid interest on, and unpaid principal of the portion of guaranteed portion of the mortgage with respect to which the borrower has defaulted, unless the Secretary finds that there was no default by the borrower in the payment of interest or principal or that the default has been remedied.

When a mortgage default occurs, it's because the homeowner has stopped making payments on the home and at least 3 consecutive payments have been missed, which creates a loss for the lender.

The deed of trust — also called a «mortgage» or «lien» — states that the home may be used as «collateral» for repayment of the loan; in the event of payment default, the lender is able to foreclose on the property, sell it, and retain the proceeds to satisfy the debt in question.

Foreclosure — When a homeowner defaults by failing to make payments on their mortgage, the lender that holds the mortgage is given legal ownership of the property to allow them to recoup the money that was lent.

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 mMortgage 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 mmortgage 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 mortgagemortgage.

Riskier mortgages attract higher fees compared to bank loans because the lenders must cushion themselves from losses in the event you default on payments.

It starts when a homeowner has fallen behind on home loan payments, thus defaulting on the mortgage loan.

Just last week, the Urban Institute reveled data showing what impact substantially lower down payments would have on default rates in today's mortgage environment.

The mortgage calculators also allow the buyers to calculate the penalty that will be charged on default payments.

This theory, based on the assertion that home buyers with little personal investment in their homes stand to default on home loans at a higher rate than those who've made the 10 % to 20 % down payment plus closing costs required for conventional mortgages.

Acceleration Clause Included in a mortgage, it allows the lender to demand early payment (sometimes in full) for certain reasons, such as defaulting on the loan, destruction of property, or transfer of title.

You need to be specially observant when it comes to mortgage lenders because the terms on the loans may push you towards default and on mortgage loans if you can not afford the monthly payments you may suffer repossession of the property.

Fixed rate mortgages have the lowest costs; adjustable rate mortgages have the highest, since rising rates might crimp your ability to make payments later on, thus increasing the possibility of default.

Across the border, home owners are defaulting on their mortgages in record numbers because they loaded up on mortgage debt at teaser rates and are unable to make mortgage payments when the rates reset at a much higher level.

Be mindful of the fact that you will risk losing your home if you default on your mortgage because the payments are too high to handle.

You can still get a loan if your down payment is less than 20 %, but you'll have to get private mortgage insurance, which protects the lender if you default on the loan.

In its guideline on Residential Mortgage Underwriting Practices and Procedures, the Office of the Superintendent of Financial Institutions (OFSI) recommends that mortgage default insurers not underwrite loans that use cash back for a down Mortgage Underwriting Practices and Procedures, the Office of the Superintendent of Financial Institutions (OFSI) recommends that mortgage default insurers not underwrite loans that use cash back for a down mortgage default insurers not underwrite loans that use cash back for a down payment.

Mortgage insurance protects the lender in case the borrower defaults on the mortgage, while benefiting the borrower by allowing very little down payment orMortgage insurance protects the lender in case the borrower defaults on the mortgage, while benefiting the borrower by allowing very little down payment ormortgage, while benefiting the borrower by allowing very little down payment or equity.

Although the vast majority of these people are current on their mortgage payments, many may be tempted to resort to a «strategic default.»

Different lenders can have different requirements, but, generally, things that can trigger a manual underwrite include a previous bankruptcy or foreclosure; default on federal debt; late mortgage payments; and more.

Mortgage insurance is required if you have less than 20 % equity (or down payment) in your home and protects the mortgage lender from losses if a customer is unable to make loan payments and defaults on tMortgage insurance is required if you have less than 20 % equity (or down payment) in your home and protects the mortgage lender from losses if a customer is unable to make loan payments and defaults on tmortgage lender from losses if a customer is unable to make loan payments and defaults on the loan.

However, it's not in your best interest to underpay on your down payment if your affordability allows for more; anyone who puts less than 20 % down must also take out (and pay for) mortgage default insurance.

Mortgage loans for bad - credit borrowers, no - documentation loans and zero - down - payment loans virtually disappeared once home values began to tumble and thousands of homeowners defaulted on their mortgagMortgage loans for bad - credit borrowers, no - documentation loans and zero - down - payment loans virtually disappeared once home values began to tumble and thousands of homeowners defaulted on their mortgagemortgage loans.

FHA has to continue to raise it's mortgage insurance premium to cover the losses from mortgage default from the borrowers that they have to foreclose on their mortgage for default payment.

DEFAULT - failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on a mortgage.

Secured debts get their name from the fact that the loan is secured by collateral — the mortgage on your home, for example — that can be seized and sold by your creditors in the event that you default on your payments.

A poor credit history shows that you may be more likely not to pay your mortgage payments on time or in the worst case scenario - to default on your loan.

I have borrower who have never missed a payment on their 8.99 % adjustable rate mortgage but are struggling to keep up with a credit card that was defaulted to 29.9 % interest because the bank changed the due date, and now because they are struggling to make payments on a credit card with an interest rate that would make the toughest «Loan Shark» blush, their score eliminates them from the very program that could save their home.

The higher default rate has been driven in part by higher rising rates on adjustable - rate mortgages (and subsequently higher payments) and a cooling housing market.