Sentences with phrase «full outstanding mortgage»
Not exact matches
The due on sale clause generally provides that if you ever transfer the mortgaged property before paying off the mortgage then the mortgage lender has the right to immediately demand full repayment of the outstanding mortgage loan balance.
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The easiest solution might be to have the trust hold title to the property for as long as the mortgage remains outstanding, with the home passing to your children immediately upon full payment of the mortgage.
Mortgage lenders in these areas may determine that even though they must maintain, insure and sell the home, they may still make more money and have more qualified bidders at an auction, potentially allowing them to receive full payment for the outstanding mortgaMortgage lenders in these areas may determine that even though they must maintain, insure and sell the home, they may still make more money and have more qualified bidders at an auction, potentially allowing them to receive full payment for the outstanding mortgagemortgage loan.
In the alternative, he can make annual payments of 10 per cent of the outstanding balance without penalty, making it easy to retire with the mortgage paid in full well before age 72 or even at 68 when he anticipates retiring.
This product effectively insures a mortgage against death and other unforeseen events, allowing for the full repayment of the outstanding balance if the homeowner passes away.
Due on Sale — A clause in a mortgage agreement providing that, if the mortgagor (the borrower) sells, transfers or in some instances encumbers the property the mortgagee (the lender) has the right to demand the outstanding balance in full.
The home owner / debtor sells the Minnesota mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt.
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