Sentences with phrase «enforce against each borrower»

If a property is sold as the result of a mortgage default, but the sale does not generate enough money to pay the outstanding balance and all associated costs, fees and interest, the insurer will pay the shortfall to the bank and will then have the right to enforce against each borrower personally for the deficiency.

Not exact matches

So lenders file a statement of claim against a delinquent borrower, obtain a judgment, and then get an execution order to enforce the judgement to recover their losses.

If you are a covered borrower under the MLA, any provisions or terms in this agreement that are in conflict with rights or protections granted under the MLA will be inapplicable and will not be enforced against you.