Sentences with phrase «liens on the borrower»

Lenders may also place liens on the borrower's assets, meaning that the borrower can not sell the assets without paying the lender first.

A title loan, also known as a title pawn, is a type of secure loan where a lender puts a lien on a borrower's property, their car in this case, in exchange for an amount to be loaned.

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.

Not exact matches

Bank financing is still out of the question, but alternative lenders will often extend a loan to borrowers if they are on a repayment plan for a lien.

Your first step as a prospective borrower should be to verify that any liens on your record are accurate.

Measures of negative equity have become a key component in crafting policies to address the foreclosure crisis, as these borrowers are twice as likely to be seriously delinquent or in default on their first - lien mortgage compared with positive equity borrowers.

Instead, some conduit lenders require borrowers go through a process known as defeasance to release the lien on the property.

The TIFIA JPO was informed by Louisiana Transportation Authority that (i) the Project would not be able to meet the coverage ratios required under the Master Trust Indenture with respect to the senior lien bonds and the 2005 TIFIA Loan, and (ii) unless a restructure occurs, the Borrower will likely default on the senior bonds by 2018, and will default on the 2005 TIFIA Loan on December 1, 2013.

b) The sum of the existing first lien, any purchase money second mortgage and / or any junior liens over 12 months old, closing costs, prepaid expenses, accrued late charges, escrow shortages, borrower paid repairs required by the appraisal, discount points, prepaid penalties charged on a conventional loan and FHA Title 1 loans as determined by the appropriate HOC subtract any refund of refund of upfront MIP.

Borrowers interested in Balboa Capital's term loans should note that the company requires a UCC - 1 filing, which is a public disclosure that acts as a lien on the borrowing entity's assets.

When a borrower takes out any type of home equity or mortgage loan, a lien is placed on the home as collateral.

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.

It is possible for borrowers to take out additional liens (mortgages) on a home.

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.

3 Cosigner release allowed if an account is in current standing, after 24 months of consecutive & on — time payments with a borrower FICO > 749 for EDvestinU Private Student Loans and minimum income requirement of $ 30,000 with no foreclosures, repossessions, wage garnishments, unpaid tax liens, unpaid judgments or other public records having an open balance exceeding $ 100 during the last 7 years.

Instead, some conduit lenders require borrowers go through a process known as defeasance to release the lien on the property.

Borrowers who are delinquent on any federal debt, such as tax liens, student loans, etc., are not eligible.

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 GovBorrower 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 Govborrower's property for a debt owed to the Federal Government.

If a borrower has a $ 100,000 principal limit and they have no loans / liens on their home, they can take up to 60 % or $ 60,000 of their proceeds at closing or any time in the first 12 months of the loan.

This will vary by lender, but most will want to see borrowers with good to excellent credit scores (which is defined as any FICO score of 690 or above) and no recent derogatory marks on their credit reports (e.g., foreclosures, bankruptcy, defaults, liens, etc.).

The lender requests that the borrower agrees to allow it to place a lien on the vehicle.

Fixed - rate reverse mortgages give borrowers a one - time, «lump - sum» payment at closing of all of their loan proceeds, after the payoff of any mortgages or liens on their property.

The Borrower must be reflected as the owner of the subject property on the preliminary title report and there must be no liens on the subject property.

Borrower agrees to keep those expenses up to date as failure to pay would result on the assets of the company being encumbered by a lien from the government, which would take precedence to the one from the bank.

Delinquency happens when a borrower first begins to fall behind in their loan payments, but after nine months a borrower enters default, which can have a similar effect on a credit report as an unpaid lien, foreclosure, or repossession.

Since LTV only describes your first mortgage, lenders need CLTV to calculate the risk for a borrower with multiple liens on his or her home.

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

If borrowers have gone through a modification where the payment wasn't brought current by the existing lien holder they can be eligible for this program if (1) the modification was made under the terms of the Making Home Affordable Modification Program (HAMP), the loan may close the month following the date the modification was permanent or (2) the modification was a non-HAMP modification, the borrower must have made three monthly payments on time and the modified mortgage must be current for the month due

The company requires a general lien on business assets (UCC - 1 filing) and a personal guarantee, which makes the loan more secure for the lender but can be riskier for borrowers.

Whether banks can and will pursue deficiency judgments depends on many factors, including what state the borrower lives in and whether there's a second mortgage or other liens.

For example, a borrower requesting an equity loan of $ 20,000 on a home appraised at $ 100,000 with an existing mortgage lien of $ 50,000 would have a loan - to - value (LTV) ratio of 70 % (50,000 +20,000 / 100,000).

The HARP: refinance does not allow borrowers to include a 2nd mortgage so many borrowers who have two liens on their house will not be eligible.

The 2nd lien holder will be able to foreclose on the property if they make loan payments to the 1st lien holder on behalf of the borrower in order to keep the 1st loan current.

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.

CAIVRS doesn't track data from the Internal Revenue Service, but federal tax liens will usually appear on a borrower's credit reports.

Here is what should be accomplished in a short sale: Borrower is released from all liens on property in the sale, some payoff may have to be made to first of second lien holder.

The amount a borrower is eligible to receive depends on the age of the youngest borrower, property value, current interest rates, and any existing mortgages or liens that must be settled at closing (existing mortgages can be paid with proceeds from the reverse mortgage).

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.

The Second Lien Modification Program, in conjunction with HAMP, enables borrowers to lower the payments on the home equity line of credit.

To determine the maximum amount of funds this borrower is eligible to receive, a net principal limit is calculated by subtracting any initial payments made to or on behalf of the borrower (for example, initial MIP, origination fees, closing costs, liens, cash payments to the borrower, and funds set aside for monthly servicing fees).

Experian's spokeswoman said a consumer's credit report contains four types of data on the borrower: identifying information (including name, address, phone number, Social Security number, date of birth and spouse's name), account history (individual credit account information such as the date opened, credit limit or loan amount, balance, monthly payment, payment status and payment history), data from public records (such as federal bankruptcy records, tax liens, monetary judgments and overdue child support payments) and a record of inquiries into your credit history.

Sample APR assumes a new $ 100,000 HELOC in second lien position with a combined loan - to - value (CLTV) ratio of up to 70 % on a 1 - to 4 - unit owner - occupied primary residence and a borrower with excellent credit.

A Typical 504 project includes: 1) a loan extended by a commercial bank with a first lien on the asset financed; 2) a second lien loan secured from a CDC with a 100 percent SBA - guaranteed debenture for up to 40 percent of the total cost; and 3) an equity investment of at least 10 percent from the borrower.

conducted research on deceased borrowers and heirs using Westlaw and local county online services prepared contact letter to heirs drafted correspondence and pleadings for creditor's administration and requests to the underwriter to insure around deceased borrower coordinated with attorneys, dependent administrators and local counsels with hearings updated to clients with status of loans handled by the firm performed title reviews and determine if title claims are needed for prior liens, missing conveyances, legal discrepancies referral administrator.

Determine If It's Truly a Hardship Situation — Whether the borrower or seller has missed payments or not, having a valid financial hardship is a requirement for lien holders to accept less than what is owed on a property.

The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms.

Since the government, in some cases, can place a lien on a house that has unpaid property taxes, or even foreclose on that house, lenders try to make sure that borrowers stay current on their taxes.

The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms.

Deed of Trust — a security instrument between the borrower and the lender, recorded in public records as a lien on the subject property.

Escrow accounts have been standard practice for years and have a solid purpose: They avoid situations where borrowers neglect to pay property taxes or hazard insurance premiums, opening the door to a government lien on the house or a loss of the lender's security interest in the event of a fire or severe damage.