Sentences with phrase «if borrower defaults on»

Signing Requirements of Lenders at Origination: There are two documents of concern to a mortgage lender: the note, which defines the borrower's payment obligations; and either a mortgage or deed of trust, depending on state law, which gives the lender the right to acquire the property through a foreclosure process if the borrower defaults on the payment obligation.

Additionally, government insurance programs like FHA ensure that lenders get paid, even if a borrower defaults on the loan down the road.

The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.

Private mortgage insurance (PMI) is an actual insurance policy that the lender takes out to protect themselves if the borrower defaults on the loan.

The lender is protected if a borrower defaults on the loan, and the borrower is protected if the lender goes out of business or the loan balance exceeds the value of the home.

With a VA loan, the federal government guarantees that a portion of the loan will be repaid even if the borrower defaults on its terms.

Recourse — If the borrower defaults on a loan, the borrower pledges all of their other assets to repay the loan.

If the borrower defaults on the loan, the tokens used as collateral are transferred to the lender.

A legally binding Loan Agreement not only maps out the terms of the loan, but it also protects you if the borrower defaults on the loan.

This means the credit provider can sell your house to pay the debt if the borrower defaults on their loan.

If a borrower defaults on their FHA loan, the FHA pays the bank back what it lost.

At LoanMart, we consider it our duty to inform you about what takes place if a borrower defaults on a title loan along with all other aspects of the title loan process so that you feel equipped to make the best decision.

FHA mortgage insurance protects the lender (not the borrower) if a borrower defaults on the FHA loan.

If the borrower defaults on the loan, the creditor can take the asset.

The insurance protects the lender (not the borrower) if a borrower defaults on the loan.

In other words, if a borrower defaults on the mortgage, Fannie or Freddie will pay the investor (the ultimate owner of the mortgage debt) instead of the borrower.

And if the borrower defaults on the loan, it can destroy your credit — showing up as a default for you, too.

First, it is true that if a borrower defaults on a loan, you lose money as a lender.

If the borrower defaults on payments, they must either reborrow the money or risk losing their vehicle.

While the borrower pays the premium — which can add thousands of dollars to the cost of buying a home — the insurance actually protects the lender if the borrower defaults on the loan.

If the borrower defaults on the 1st loan, the lien holder of the 1st will be able to foreclose on the property and wipe out the 2nd lien holder's interest in the property.

Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.

If a borrower defaults on a loan, the automobile may be repossessed but LoanMart will work with you if contacted ahead of time

Extended on credit, unsecured debt presents a higher risk to a lender since - in the United States - there are no debtor's prisons and if a borrower defaults on a loan, there is little that a lender can do about it except seek costly legal action and report to the credit reporting agencies.

If a borrower defaults on a mortgage worth less than the house then the bank can foreclose and be made whole.

The secured nature of the loan means if the borrower defaults on a loan then the lender has a means to recoup part or all of the outstanding balance by seizing and then selling the asset.

If the borrower defaults on their payments, the lender then has the right to seize the lien as collateral (foreclosure).

If a borrower defaults on a mortgage, the investors still get paid by the GSE.

Private Mortgage Insurance (PMI) is a part of the loan payment and protects the lender if a borrower defaults on a home loan.

So for the loans which are underwritten to, say FNMA Guidelines, investors know there is a certain underlying credit quality for the MBS that they purchase and even if a borrower defaults on their mortgage, the investor will be fully repaid.

It's important to be aware that if a borrower defaults on an unsecured loan, it is still possible for a lender to seize assets to recover their losses.

When Fannie and Freddie buy loans, they assume the majority of the risk if a borrower defaults on their mortgage.

Non-recourse means if a borrower defaults on the loan, the issuer can seize the home asset, but can not seek any further compensation from the borrower — even if the collateral asset does not fully cover the full value of the loan.

If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.

If a borrower defaults on the loan, the creditor's remedy is to repossess the solar panels and then resell them.

They are insured by the Federal Housing Administration, which will fully compensate a lender if a borrower defaults on his FHA mortgage.

Most people — including me — think of credit card debt as «unsecured,» meaning no physical object is subject to forfeiture if the borrower defaults on the debt.

Additionally, government insurance programs like FHA ensure that lenders get paid, even if a borrower defaults on the loan down the road.

Congress mandates that the insurance premiums the agency collects must be kept in a reserve fund that the FHA uses to pay lenders if a borrower defaults on an FHA - insured loan.

This means that if the borrower defaults on the loan the lender will have a claim on any assets but after secured creditors.

Private mortgage insurance (PMI)-- Protects the lender against a loss if a borrower defaults on the loan.

A provision which requires that the remaining balance due be paid if the borrower defaults on the loan or transfers title to another party.

This allows the banks to get closer to break even if the borrower defaults on the loan.

If a borrower defaults on a personal loan, the bank can not take the borrower's assets.»

The lender is protected if a borrower defaults on the loan, and the borrower is protected if the lender goes out of business or the loan balance exceeds the value of the home.

If the borrower defaults on their loan and there isn't enough equity in the home to cover what is owed on the mortgage, private MI is there to offset the loss.

If a borrower defaults on his or her car loan, then the lender will repossess the car to try to recover the money it lost on the car loan.

If you're considering cosigning a loan, it's essential that you understand the key risk involved: if the borrower defaults on the loan, then you are responsible for paying it back.

If the borrower defaults on the loan, the lender can seize and sell collateral in order to recover its money.

Accordingly, cosigners are treated by lenders and servicers the same as the primary borrower, and can even be sued if the borrower defaults on the loan.