Sentences with phrase «lien on the property which»

Liens — in some cases a creditor may have placed a lien on your property which may prevent you from renewing your present mortgage, some common types of liens are from builders or unpaid property taxes.

(5) Fees and charges prescribed by law which are or will be paid to public officials or agencies for recording or releasing a lien on property which secured the loan, provided, however, that a releasing fee may only be charged and collected at or after the time the lien is released.

We now have a second lien on the property which will still be in place next month when we finish paying off the first loan.

Normally, a title exam reveals any liens on the property which need to be paid off and released prior to closing.

Not exact matches

The lender will require a lien on the property, which acts as collateral on the loan.

Our revolving credit facilities provide our lenders with first - priority liens against substantially all of our assets, including our intellectual property, and contain financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition.

Business assets on the line for large loans: Lending Club requires a UCC - 1 lien on loans over $ 100,000, which includes your business's liquid assets such as inventory, cash and accounts receivable, but not real estate or your personal property, according to the company.

You may not file under any chapter if within the preceding 180 days you had a prior bankruptcy petition dismissed due to your willful failure to appear before the court or comply with court orders, or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property on which they hold liens.

Bankruptcy will not normally wipe out: (1) money owed for child support or alimony, fines, and some taxes; (2) debts not listed on your bankruptcy petition; (3) loans you got by knowingly giving false information to a creditor, who reasonably relied on it in making you the loan; (4) debts resulting from «willful and malicious» harm; (5) student loans owed to a school or government body, except if the court decides that payment would be an undue hardship; (6) mortgages and other liens which are not paid in the bankruptcy case (but bankruptcy will wipe out your obligation to pay any additional money if the property is taken back by the creditor).

Lenders first use reverse mortgage loan proceeds to pay off existing mortgages and liens on the property, after which borrowers may use the rest of the funds in almost any way they wish.

The lender will require a lien on the property, which acts as collateral on the loan.

A home loan results in a mortgage lien on your property's title, which secures the debt's repayment to the lender.

When a current home owner falls behind on paying their property taxes, the state or county in which the home is located often places a lien on the property until the past due taxes are paid.

Thereafter, the financial institution would hold a lien on the property for the outstanding balance which would become an encumbrance on the owner's estate.

A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a «cloud» on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable.

A Lien puts a hold on real or personal property and allows the property to be held as collateral for debt payments or services which are owed to another lender.

Through court action, a debt collector can gain authority to garnish wages or a bank account, or place a lien on a debtor's property, which effectively prevents transfer of title.

In the middle ground between secured and unsecured loans lies the personal guarantee loan, in which a borrower signs an agreement allowing the lender to put a lien on the borrower's personal property in the case of default.

Due on Sale: When you sell a property which has a mortgage lien, the remaining balance of the loan is paid to the lender at the time of the sale.

(d) The premium for nonfiling insurance, insuring the lien of the creditor on any property which is collateral for the consumer credit transaction, may not exceed the cost of filing of a lien on the property and any document necessary to continue the lien and is nonrefundable.

Some may refer to a mortgage as a «lien,» which represents a security interest by a lender on a piece of property.

Loans for which the borrower gives the lender a lien on property such as an automobile, boat, other personal property or real estate that will serve as collateral for the loan.

Lenders will place a lien on your asset, which enables them to take control of your property in the event you fail to make your payments on time.

Here's how: Many banks hold second liens on the same properties for which Fannie and Freddie either own the first mortgage or have guaranteed.

Mortgage interest must be due to a secured property loan, which is a loan that uses a financial instrument to secure the property by placing a lien on it such as a mortgage, deed of trust or land contract.

While the application of the RPLA is relatively straightforward with respect to the enforcement of certain registered interests (such as condominium liens), it is not as straightforward when dealing with liens arising under certain agreements registered on title, for default in payments owing under such agreements (which liens are not specifically registered on title to the affected property).

Often, garnishment of wages and bank accounts is the easiest way to collect, although placing a judgment lien on their real property (which you probably did in step 5) works too if you are willing to wait until the property is sold.

For example, they can garnish wages, garnish money which is due the payor from the government of Canada, suspend a driver's licence or other licence, place a lien on property, and other things can be done to enforce payment.

If the obligor is an owner of the property being improved, the lien claimant shall be entitled to a claim of lien upon real property upon the interest of the obligor in the real property to the extent of the owner's personal liability under subsection (b) of this section... which claim of lien on real property shall be entitled to the same priorities and subject to the same filing requirements and periods of limitation applicable to the contractor.

Child support orders are automatically managed and enforced by the Family Responsibility Office (FRO), which can take a variety of actions to enforce support orders if support is not being paid, such as garnishing the payor's income, pension, or employment insurance, suspending his or her driver's license, or registering a lien on any personal property.

The affidavit of title is a standard form affidavit in which your ex-spouse certifies in writing under oath, in front of a notary, that he or she has not done anything to have a lien placed on the property.

The Buyer must receive, on or before this deadline, true copies of all existing surveys in the Seller's possession pertaining to the Property and must disclose to Buyer all easements, liens or other title matters not shown by public records, of which the Seller has actual knowledge.

While many states allow commercial brokers to file a lien on the property for an unpaid commission, «lenders often won't release financing without good title,» so filing a lien — which clouds the title — may actually prevent an owner from receiving the funding needed to pay the commission, she explains.

Liens Unpaid debts can lead some businesses to place liens on the property of the debtors, which may have to be paid before a home can be Liens Unpaid debts can lead some businesses to place liens on the property of the debtors, which may have to be paid before a home can be liens on the property of the debtors, which may have to be paid before a home can be sold.

The leases are secured by a UCC lien on the property, and the leases will either contain a due on sale clause or will require the buyer to separately qualify for the lease, which can delay the transaction.

Are you familiar with the rules in IL about the correct way to notify the parcel owner of the lien on their property and the time frame in which you have to notify them?

For example, lenders could fund a loan for which the title search identifies an unreleased lien on the property «without going through the pain of releasing the lien» if a subsequent credit report shows the second loan has a zero balance, he says.

Here is a clause to assist you in making sure the seller does not remove anything that the buyer is expecting to receive on closing: «The seller represents and warrants that all existing flooring and floor coverings, drapery tracks, ceiling fans and fixtures, built - in appliances, bathroom mirror (s), heating - ventilating - air conditioning equipment, central vac and accessories and all other items secured by means of nails, screws, plumbing, wiring, ducting and related accessories that are now on the property are to be included in the purchase price except items which are leased or rented and those specifically listed herein and all shall be in working order and free from all liens and encumbrances on completion.»

However, hidden hazards may lurk under the surface of a transaction in the form of an outstanding lien, pending legal action against the property, possible tax issues and more, all of which could place a severe financial burden on the new owners.

The benefit is your first in the capital stack (assuming first lien) and if you do get the property and you did your underwriting properly your basis could be 65 cents to 75 cents on the dollar (or less) which provides some protection.

Texas Property Code § 5.016, which became effective on January 1, 2008, applies whenever a seller sells, or contracts to sell, an interest in residential real property «that will be encumbered by a recorded lien at the time the interest is conveyedProperty Code § 5.016, which became effective on January 1, 2008, applies whenever a seller sells, or contracts to sell, an interest in residential real property «that will be encumbered by a recorded lien at the time the interest is conveyedproperty «that will be encumbered by a recorded lien at the time the interest is conveyed.»

In other words, the borrower (mortgagor) gives the lender (mortgagee) a lien on the property, which serves as collateral for the loan.

Funds that can be verified as the borrower's own, the source of which can be: (a) monies from borrower's checking or savings account, or other similar time deposit account, which have been on deposit in the account for at least 2 months prior to loan application, (b) cash up to $ 1,000, (c) cash deposit towards property purchase, and (d) the market value of the lot owned by borrower, exclusive of any liens, on which the SONYMA financed home was or will be constructed, or the purchase price of the lot if it was purchased in the past 2 years, whichever is less.

-- including a lien on the stock of a cooperative housing corporation (a «co-op»)-- no lender can enforce its due - on - sale clause due to any of the following prevalent circumstances: (1) The creation of a lien (or other encumbrance subordinate to the lender's security instrument) that does not relate to a transfer of rights of occupancy in the property; (2) The creation of a purchase money security interest for household appliances; (3) A transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety; (4) The granting of a leasehold interest of three years or less * not containing an option to purchase (5) A transfer to a relative resulting from the death of a borrower; (6) A transfer where the spouse or children of the borrower would become owners of the property; (7) A transfer resulting from a decree of dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property (8) A transfer of the borrower's property into an inter vivos trust in which the borrower is and remains a beneficiary and which [trust agreement] does not relate to a transfer of rights of occupancy in the property; or (9) Any other transfer or disposition described in regulations prescribed by the Federal Home Loan Bank Board.

In other words, Grandpa purposely didn't deal with the mortgage lien on the property as grandpa was in fact the mortgagee which by causing a default benefits his personal interest as the mortgagee by creating a barrier to reinstatement for lack of debt service and the excessive accrued interest.

RESPA applies generally to «federally related mortgage loans,» which means loans (other than temporary financing such as construction loans) secured by a lien on residential real property designed principally for occupancy by one to four families and that are: (1) Made by a lender with Federal deposit insurance; (2) made, insured, guaranteed, supplemented, or assisted in any way by any officer or agency of the Federal government; (3) intended to be sold to Fannie Mae, Ginnie Mae, or (directly or through an intervening purchaser) Freddie Mac; or (4) made by a «creditor,» as defined under TILA, that makes or invests in real estate loans aggregating more than $ 1,000,000 per year, other than a State agency.

Its intent was clear and definite; provide additional protections to individuals facing foreclosure by reforming the process by which lien holders effectively foreclose on a property.

As noted above, RESPA applies generally to «federally related mortgage loans,» which means loans (other than temporary financing such as construction loans) secured by a lien on residential real property designed principally for occupancy by one to four families, and that have a Federal nexus or are made by a TILA «creditor» that makes or invests in real estate loans aggregating more than $ 1,000,000 per year, other than a State agency.