Sentences with phrase «means if the borrower defaults on a loan»

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.

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.

Not exact matches

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

This means that missed loan payments or defaults will appear on your credit report if the borrower doesn't repay.

That means the agency reimburses mortgage lenders if borrowers default on VA home loans.

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

Banks are typically averse to underwriting non-recourse loans as it means assuming more risk on their part as this type of loan only allows them to foreclose on the property in the event of a default, and does not allow them to seek additional money from the borrower if the proceeds from the foreclosure are less than what is owed on the loan.