Sentences with phrase «default under the mortgage»

The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property.

This is an appeal from the dismissal of the appellant's motion to set aside the judgment and for relief from forfeiture with respect to the default under the mortgage.

The mortgage was statute barred because there had been no payment or acknowledgment of indebtedness for a period of more than 10 years from the date of default under the mortgage.

Foreclosure The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property.

Other more general MAPs Rule requirements that also are important for reverse mortgage advertising include not making a material misrepresentation regarding: (i) the potential for default under the mortgage, including misrepresentations concerning the circumstances under which the consumer could default for nonpayment of taxes, insurance, or maintenance, or for failure to meet other obligations; (ii) the effectiveness of the mortgage in helping the consumer resolve difficulties in paying debts, including misrepresentations that any mortgage can reduce, eliminate, or restructure debt or result in a waiver or forgiveness, in whole or in part, of a consumer's existing obligations with any person, or (iii) that the mortgage is or relates to a government benefit, or is endorsed, sponsored by, or affiliated with any government or other program, including through the use of formats, symbols, or logos that resemble those of such entity, organization, or program.

Not exact matches

Sears adds that many of his clients, who hire him to find the best mortgage rates available, are under the false impression that CMHC insurance actually protects them against default.

Under normal conditions the effect would have been for rents to decline, with property prices following suit, leading to mortgage defaults.

(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.

Under the old system, the mortgage originator was still at risk if the mortgage went into default.

Under the Ontario Mortgage Act, the private lender will sell property in default to recoup if a borrower was unable to pay agreed mortgaMortgage Act, the private lender will sell property in default to recoup if a borrower was unable to pay agreed mortgagemortgage fees.

For example, conventional mortgage borrowers with LTVs under 80 % do not have to pay for mortgage insurance, as the risk of defaulting is lower.

It's been a failure the first two times as more than half of those that refinanced under HARP again went into default on their mortgage again.

The only way for the mortgage holder to «default» was for the principal of the mortgage to reach a certain, predetermined level, but this was avoidable under certain conditions — as long as home prices were rising like they were in the years leading up to the GFC, homeowners could refinance and avoid defaulting.

If you've already got a mortgage and you're having trouble keeping up with payments, the FTC outlines various repayment strategies you can pursue, including applying for a loan modification under the Making Home Affordable Modification Program, as well as other alternatives to default and foreclosure, such as reinstatement and repayment plans.

Under the Ontario Mortgage Act, a registered mortgage allows a private lender to sell property in default in an attempt to recoup their invMortgage Act, a registered mortgage allows a private lender to sell property in default in an attempt to recoup their invmortgage allows a private lender to sell property in default in an attempt to recoup their investment.

Although FHA doesn't directly lend money for mortgage loans, it guarantees its approved lenders against losses stemming from defaults on mortgages approved under FHA guidelines; its lending programs assist first time, credit challenged, and moderate income buyers.

Filed Under: Debt Consolidation, Mortgage, Personal Finance Tagged With: budget, cosign, credit score, Debt Consolidation, Debt Problems, default, emotions, household budget, late payments, long term goals, missed payments

The U.S. government sponsors these loans and will pay these loans back to the mortgage institution if the borrower defaults under certain conditions.

«The market for homes under $ 1 - million has become «red hot,» agents say, and that's at least partly because new rules brought in by Ottawa last year make it impossible to get a loan backed by mortgage - default insurance if the property is valued in the seven figures... The result: Bids for $ 999,999, or close to it, are increasingly common as even some wealthy would - be homeowners struggle to secure the necessary financing under new government rules.»

If you have defaulted on your mortgage loan in Washington, you may be eligible for foreclosure assistance through mediation under the Washington State Foreclosure Fairness Act (RCW 61.24.163).

Under the Ontario Mortgage Act, the private lender can sell off a property in default if the mortgage fees are not paid asMortgage Act, the private lender can sell off a property in default if the mortgage fees are not paid asmortgage fees are not paid as agreed.

While some lenders might be worried that borrowers with student loan debt might not be able to handle monthly mortgage payments, Fannie Mae is anticipating that the mortgages originated under the new guidelines will have low default rates since applicants must still meet regular credit score and other underwriting criteria.

Filed Under: foreclosures Tagged with: defaults, distressed property, economic news and analysis, home prices, housing market, Housing prices, Mortgage and foreclosures, strategic default

After a strategic default deed in lieu of foreclosure, the mandatory wait to get a new mortgage is four years for a conforming (Fannie Mae or Freddie Mac) loan under current regulations.

So it reminds you to read your note (mortgage agreement) to know what happens when things go wrong, including what it takes to trigger a default and the circumstances under which your lender can demand early repayment.

Because the mortgage collapse is under way, the underlying bond seems more likely to default than it did before.

As the payment of unpaid amounts under the Shared Services Agreement was secured by a lien enforceable in the same manner as a mortgage in default, the condominium corporation's claim fell under the Real Property Limitations Act, which has «a ten - year limitation period for an action to recover out of any land any sum of money secured by a lien or otherwise charged upon or payable out of the land.»

On November 1, 2012 the owner defaulted and made no payments since that time, nor any property tax payments as she was required to pay under the terms of the mortgage.

It is worth noting that the Plan under review in this case proposed curing mortgage defaults per § 1322 (a)(5) and reinstating monthly mortgage payments to the Mortgagee; as well as committing all the Debtor's disposable income for the maximum commitment period of 60 months.

Opposed a motion for summary judgment brought by CIBC against a mortgator where CIBC alleged default under the terms of the mortgage flowing from the registration of a restraint order on title pursuant to the provisions of the Controlled Drugs and Substances Act.

A mortgage company took possession under a mortgage when the borrower defaulted on maturity.

Let us take the example of a bank that is selling a property under power of sale, when a mortgage goes into default.

Under the federal recovery plan, called the Emergency Economic Stabilization Act, the U.S. Treasury is authorized to spend up to $ 250 billion immediately to buy mortgage - backed securities and other investments that have a high potential for default.

The Wells Fargo loan to RiverBay Corporation, which controls Co-op City, is the largest ever insured under HUD's 223 (f) program, which protects lenders against loss on mortgage defaults at multifamily rental properties.

The guidelines do provide for a two - year period under extenuating circumstances, which are a sudden, drastic and prolonged drop in income that left the borrower with no other reasonable option but to default on the mortgage.

Nonjudicial foreclosure is the process of selling real property under a power of sale in a mortgage or deed of trust that is in default.

Power of sale is a different kind of default remedy: rather than taking title to your home, your lender simply sells it from under you and uses the proceeds to pay off your debts: mortgages, property tax arrears, property liens.

The most basic form of nondisturbance and attornment agreement assures the tenant that the mortgage holder will not disturb the tenant's possession as long as the tenant is not in default under its lease and the tenant agrees to recognize and treat the lender (or other owner after a foreclosure sale) as landlord, i.e. «attorn.»

Under the program, borrowers may buy with just 3 percent down — with a 2 percent gift from family members, a government program, or nonprofit group — and obtain private mortgage insurance to protect the lender against default.

Proposed comment 37 (c)(1)(i)(C)-1 would have stated that «mortgage insurance» means insurance against the nonpayment of, or default on, an individual mortgage, and that, for purposes of proposed § 1026.37 (c), «mortgage insurance or any functional equivalent» would have included any mortgage guarantee that provides coverage similar to mortgage insurance (such as a United States Department of Veterans Affairs or United States Department of Agriculture guarantee), even if not technically considered insurance under State or other applicable law.