Sentences with phrase «liens against the borrower»

Are there any judgment liens against the borrower's property?

Borrower can not be delinquent on any tax or non-tax debts and there can be no judgment liens against the borrower's property for a debt owed to the Federal Government.

A subordination agreement will be required for any judgment that is also a lien against the borrower and / or the subject property.

Are there any judgment liens against the borrower's property?

A home equity loan creates a lien against the borrower's house, and reduces actual home equity.

Not exact matches

When you are approved for secured financing, a lender will file a UCC - 1 financing statement with the secretary of state (SOS), creating a lien against the asset (s) in particular (unless the lender files a blanket lien naming all assets) that's being used by the borrower to secure the financing.

In addition to these requirements, OnDeck does require borrowers personally guarantee the loan, and OnDeck will file a blanket lien against the business, but there are no specific collateral requirements.

They can also cover prepaid taxes and insurance; debts that have to be paid at closing; and liens or judgments against the borrower.

If a loans meets the following tests, it is covered under the law: 1) For a first - lien loan otherwise referred to as the original mortgage on the property - the Annual Percentage Rate (APR) exceeds by more than 8 percentage points compared against the rates on Treasury securities of comparable maturity; 2) For a second - lien loan otherwise referred to as a 2nd mortgage - the APR (Annual Percentage Rate) exceeds by more than 10 percentage points compared to the rates in Treasury securities of comparable maturity; or the total points and fees payable by the borrower at or before closing exceed the larger of $ 561 or 8 % of the total loan amount.

By using your vehicle as collateral, borrowers must consent that their title can have a lien placed against it by the lender or have their vehicle repossessed for nonpayment and or failing to meet the lender's obligations.

Once they have the appropriate license, lenders have the power to enter into a contract with a borrower, stating that they will give them a certain amount of money in exchange for putting a lien against their car.

Once the reverse mortgage loan has been approved, the funds are disbursed to the borrower according to the payment options they've selected (in a lump sum, as monthly payments, or through a line of credit) and a new lien is placed against the property.

When you are approved for secured financing, a lender will file a UCC - 1 financing statement with the secretary of state (SOS), creating a lien against the asset (s) in particular (unless the lender files a blanket lien naming all assets) that's being used by the borrower to secure the financing.

Borrowers who own property which has a lien against it may be forced to sell the property or asset to repay the monies owed to the lender.

A lien is a lender's claim against a collateral asset that may be legally sold should the borrower fail to repay a loan.

Collection actions can be taken against either party and can include legal action resulting in wage garnishment or liens against property for both the primary borrower and the co-signer.

Following the deduction of the upfront fees and the payoff of the existing mortgage (a Reverse Mortgage borrower must always pay off any existing mortgages and other liens against the home), the borrower in our Reverse Mortgage example is left with the following amounts available in the form of lump sum cash or line of credit.

The borrower also owes a second lien of $ 25,000, which is also a note and mortgage against the home.