Sentences with phrase «of death of the borrower»

An insurance policy designed specifically to repay mortgage debt in the event of the death of the borrower.

This is only an additional safeguard in the event of death of the borrower.

In case of death of the borrower, the bank / financial institution receives the outstanding loan amount from Max Life

Not exact matches

The provisions in the bill would adjust how private student loan lenders treat the death or bankruptcy of co-signers, as well as how defaults are reported on a borrower's credit report.

According to the most recent report by Consumer Financial Protection Bureau (CFPB) from 2014, private student loan borrowers are finding out they are in default on their loans after the death of their cosigner.

Loans are also dischargeable in the event of total and permanent disability or death of the primary borrower.

Protecting Consumers Utilizing Reverse Mortgages: Often utilized by seniors, protections include settlement conferences in cases where the default was triggered by the death of the last surviving borrower and allowing the last surviving borrower's spouse or successor who has a claim to ownership to engage in settlement conference.

In the event of the borrower's death, the home is transferred to heirs of the estate who have the option of selling the home or pay off the reverse mortgage or maintaining ownership of the property.

The deadlines in the following steps depend on the date of the borrower's death and not the date the servicer was informed of it.

Loans originated by Bank of Lake Mills include a feature which provides that, in the event of the borrower's death or total and permanent disability (as determined by us), the unpaid balance of the loan may, at our sole discretion, be eligible for cancellation.

In the tragic circumstance of a borrower's death, the EDvestinU loan will be discharged by providing a certified copy of the death certificate to the loan servicer, even if a cosigner remains on the loan.

In the event of the death of the student borrower, the loan can be forgiven and the cosigner won't be responsible for repayment.

This rule makes it easier for the non-borrowing spouse to continue living in the home following the death of a borrower.

Aside from confirming who can remain in the house after the death of a borrower, you'll also want to be sure you fully understand all the upfront and ongoing costs you'll incur by taking out the loan.

The federal government forgives certain federal student loans in the case of the death or disability of the borrower.

Borrower benefits: RISLA offers its borrowers options like loan forgiveness in the case of death or permanent disability, forbearance for up to 12 months for borrowers who go back to school, and co-signer release after 24 months of on - time payments

Examples of loan discharges include discharges due to bankruptcy, death or total and permanent disability of the borrower.

If you have Federal student loans, they are discharged upon death of the borrower.

Although I agree with FHA policy not to accommodate «flippers» and those playing the distressed market solely for their own gain, I question whether it's necessary to delay FHA financing for delinquent borrowers with documented hardship — for example, someone who's had to sell a home with a short sale after long - term unemployment, illness, or loss of income due to death or divorce.

Mortgage insurance should not be confused with mortgage life insurance, which is designed to pay off a mortgage in the event of the borrower's death.

A borrower with a Chapter 7 Bankruptcy discharged less than two years is ineligible unless significant extenuating circumstances, such as a serious long - term uninsured illness or death of a wage earner exist.

In the event of the borrower's death, it should cover the whole balance and, on the other hand, should you be unemployed, it will cover one installment at a time, until you are employed again.

Mortgage insurance should not be confused with mortgage life, credit life or disability insurance, which are designed to pay off a mortgage in the event of the borrowers death or disability.

A home loan insurance covers for a situation wherein in case of a borrower's death, the outstanding loan is paid off by the insurance company.

More about our loan forgiveness policy in the event of the borrower's or student's death or disability.

Generally, the borrowers on the original VA loan need to be on the new IRRRL, unless death or divorce of an applicant occurs.

To pay for home improvements is one increasingly common use for a reverse mortgage, because unlike a home equity loan, reverse mortgages don't require the borrower to repay the loan until death of the last surviving spouse.

He also used his remarks to discuss the recent improvements to the reverse mortgage, which his department oversees — including Financial Assessment to ensure that borrowers can meet their responsibilities under these loans, and clarifications to rules that allow spouses to remain in the home even after the death of the borrower.

Yes, upon the death of the benefitting student, if the borrower dies and there is no cosigner, and if there is a cosigner, the loan will be forgiven only as to the deceased party.

The loan will be discharged if a family member or other representative provides the loan servicer acceptable documentation of the borrower's or parent's death.

Federal student loans will be discharged due to the death of the borrower or of the student on whose behalf a PLUS loan was taken out.

The Servicer will send a «due and payable» letter to the borrower's estate (and all known heirs) generally within a few days to a month following the death of the Bborrower's estate (and all known heirs) generally within a few days to a month following the death of the BorrowerBorrower.

I read this to say the Servicer does not have to take the first legal action to initiate foreclosure until 90 days from the death of the borrower.

DUE AND PAYABLE STATUS: The death of the Borrower creates an automatic default.

Foreclosure is accelerated as soon as 30 to 60 days after the death of the Borrower.

The Borrower must provide legal authority for the NBS to represent the estate and the ability to convey title (upon death of the boBorrower must provide legal authority for the NBS to represent the estate and the ability to convey title (upon death of the borrowerborrower).

Loan forgiveness granted for death or permanent disability of the borrower or if the student on whose behalf a parent obtained the loan dies

In the event of a cosigner's death or qualifying total and permanent disability, the borrower will not be required to find a new cosigner for an existing loan.

Upon the death of the borrower, all outstanding debt is forgiven.

Federal loans typically do not involve going after cosigners following the death of the borrower for the simple reason that federal loans typically (maybe universally?)

The death of the borrower in that case is so tragic, and indeed so unlikely, that perhaps it would make sense to bake into these loans a term life insurance policy that would leave the cosigner on the hook only for more typical forms of default.

This should include the following information: o The interest rate to be charged and whether the rate is fixed, variable or both; o Interest accrues from the time monies are advanced to the borrower and the interest is compounded; o All reverse mortgage fees and costs that must be paid by the borrower; o A description of any refinancing features that have been discussed with the borrower; o Any events that could terminate the reverse mortgage such as death or moving from the residence; o A description of any shared appreciation or equity participation features; and o A toll - free telephone number and the name of a contact person who can answer any questions, comments or complaints that the borrower may have.

Privately - backed student loans are not treated the same as federally - backed student loans when it comes to the death of a borrower.

FHA describes extenuating circumstances as circumstances that were beyond the control of the borrower, such as a serious illness or death of a wage earner, and the borrower has re-established good credit since the major credit event.

Exempt federal and private education loans discharged due to death or total and permanent disability of a borrower from income tax on the amount discharged;

Like the current law regarding the forgiveness of federal students loans when a borrower dies, Schumer's legislation would require a family member or other representative to provide a certified copy of the death certificate to the lender or loan servicer.

What is worse than that, lenders frequently use the death or bankruptcy of the co-signer as a trigger to demand the immediate full repayment of the entire amount of the loan from the student borrower.

Exception: A lender may make an exception to this rule for a borrower in default on a mortgage at the time of the short sale if the default was due to circumstances beyond the borrower's control, such as the death of a primary wage earner or long - term uninsured illness, and a review of the credit report indicates satisfactory credit before the circumstances beyond the borrower's control that caused the default.

Exception: The lender may grant an exception to the three - year requirement if the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower, such as a serious illness or death of a wage earner, and the borrower has re-established good credit since the foreclosure.

For many private student loans, the death of the primary borrower automatically triggers default and the lender can request payment in full.