Sentences with phrase «mortgage payer»
A "mortgage payer" is someone who is responsible for making regular payments on a mortgage loan. They repay the money borrowed from a bank or lender to buy a house. Full definition
The owner of a struggling art gallery and suddenly the sole mortgage payer on her Greenwich Village townhouse, Francesca does the math and then the unimaginable.
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MBS are usually considered a safe investment because the interest payment is secured by the payment of thousands of mortgage payers.
If you have a good credit history and have been a reliable mortgage payer for a number of years then a forbearance may be a perfect solution to provide temporarily relief until you're back on your feet financially.
Since there can not be any recourse, there is no way for a mortgage lender to enforce the personal liability of a mortgage payer on a mortgage loan.
Thus, when the mortgage payments stop coming in, the ownership of the home no longer rests with the mortgage payer.
Each year, more families lose their homes when the mortgage payer passes away than from foreclosure due to fire and other catastrophes.