Sentences with phrase «proceeds than the default»

Not exact matches

Because the lender began applying the mortgage payments to these fees rather than to principal and interest, the lender declared the loan in default and commenced a foreclosure proceeding.

In some instances, when faced with the prospect of US criminal prosecution, it may be in a client's interest to default in the civil proceeding rather than to expose himself or herself to US jurisdiction.

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.

Power of sale is a different kind of default remedy: rather than taking title to your home, your lender simply sells it from under you and uses the proceeds to pay off your debts: mortgages, property tax arrears, property liens.