Sentences with phrase «of junior liens»

Cash - out or consolidation of junior liens is not allowed.

A deed in lieu of foreclosure does not protect your credit, nor will it cut off the rights of junior lien holders.

(Note, too, that the approval of junior lien holders may be required to restructure home loans.)

Not exact matches

While proceeds from a Caesars Interactive online games unit sale will help the bankruptcy estate, junior creditors may still object to the distribution of the funds because more money will end up in the hands of first lien banks and lenders.

The SBA describes the program thusly: «Typically, a 504 project includes a loan secured with a senior lien from a private - sector lender covering up to 50 percent of the project cost, a loan secured with a junior lien from the CDC (a 100 percent SBA - guaranteed debenture) covering up to 40 percent of the cost, and a contribution of at least 10 percent equity from the small business being helped.

A Bureau credit instrument can be junior (i.e., subordinate) to the project's other debt obligations in the priority of its lien on the project's cash flow.

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.

In many cases the bank will set one mortgage payment but in actuality there are two liens; one a senior for the bulk of the sale price and one a junior for the down payment and closing.

In the cram down scenario, there is no requirement that there be a junior lien before your primary loan can be chopped, however, loans made within 910 days of filing are not eligible for cram down.

«Lien stripping» (elimination of mortgages) means that upon successful completion of your Chapter 13 the mortgage company will have to remove the junior mortgage (s) from your property and the arrears on the mortgage (s) don not have to be paid back.

One of the key issues at play is what happens to junior lien - holders (JP Morgan Chase alone has over $ 130 billion worth of secondary loans in its portfolio) in the event of modifications.

Junior position notes are not advisable unless you keep a large cash reserve in your IRA account to cover possibility of advancing funds to a senior lien.

If you have not been able to sell your property and have no lien junior to your lender's deed of trust, your lender may accept a deed - in - lieu of foreclosure in satisfaction of the amount of your loan.

Chapter 13 is the only chapter that provides this; in order to «strip» a junior lien, the chapter 13 debtor must prove that the junior lien is completely unsecured - that is, that the value of the home is less than the balance of the existing first mortgage.

That incentive payment could be applied towards settling junior liens - so, if a junior lien - holder was playing hardball, holding out for more money in order to release a lien, the seller might be forced to use their incentive money for that purpose, and never actually see any of the cash.

The supplemental loan can be part of the first mortgage (for example, if you take it out when you purchase your home) or a junior lien (second mortgage).

«Lien stripping» (elimination of mortgages) means that upon successful completion of your Chapter 13, the mortgage company will have to remove the junior mortgage (s) from your property and the arrears on the mortgage (s) do not have to be paid back.

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The property might have several junior liens that the listing agent never took the time to learn about, creating a snag later in the process and raising a question in the lender's mind about the preparation of the agent.

The proposed definition of category 2 residential mortgage exposures would generally include junior - liens and non-traditional mortgage products.

Holders of a junior deed of trust (second, third, etc.) should note that if the «wiped - out» junior lien is not purchase money or seller carryback, then the junior lien holder may sue on the note and the borrower on the junior loan may be personally liable.

Junior position notes are not advisable unless you keep a large cash reserve in your IRA account to cover possibility of advancing funds to a senior lien.

Notice Borrower and Junior Lien holders by mail and publish Notice of default in Local Newspapers

California, not to be outdone, passed Financial Code 4970, where if your apr is more than 8 % above comparable treasuries on either 1sts or junior liens, and the points and fees exceed 6 % of the net loan amount, as defined above, you're covered, and subject to the more stringent requirements and limitations.

Section 32 of RESPA kicks in on certain owner - occupied loans where the APR is more than 8 % above the rate on comparable treasuries for first liens, and 10 % above the rate on comparable treasuries for junior liens, when compared to treasury rates for the 15th of the month, in the month prior to when app was taken.