Sentences with phrase «repayment if the borrower defaults»
The «guarantee» part of the VA loan refers to the VA's promise to the lender of repayment if the borrower defaults.
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Specified cash value on a permanent life insurance policy lets the lender access those funds as a loan repayment if the borrower defaults.
Not exact matches
Loans that have been in default can be consolidated after three consecutive monthly payments have been made or if the borrower agrees to repay the consolidation loans under an income - driven repayment plan (where the payments are based on the income of the borrower).
If a loan is in default, the borrower can only consolidate the loan under two conditions: the borrower must agree to repay the loan under an income - driven repayment plan, or make payment arrangements with the current loan servicer.
If a loan is in default, the borrower can only consolidate the loan under two conditions: the borrower must agree to repay the loan under an income - driven repayment plan, or make payment arrangements with the current loan servicer.
If a borrower is considered in default on a loan, the lender may demand immediate, full repayment.
Originating lenders can be held responsible for repayment of a mortgage, generally in two cases: First if the borrower quickly defaults, say within 120 days.
But, if the repayment terms are not good then the cost for the borrower can be exorbitant, pressure to meet repayment schedules can be high, and in the end the loan may be defaulted on.
On the part of the borrower, you may be asked for the immediate repayment of your loan balance if your loan enter default and your cosigner is dead or has become bankrupt.
In particular, if a borrower finds that they might default, a private lender may consider extending the repayment term in order to lower the monthly payments.
The legal right to legal property an owner gives to the lender as collateral for repayment of a debt if the borrower defaults.
In July 2015, the Department clarified that guaranty agencies are not allowed to charge these fees if the borrower enters into a rehabilitation repayment agreement within 60 days after notice of default.
Effective July 1, 2010, borrowers who are in default may consolidate into the Direct Loan program immediately (without any payments prior to consolidation) if they agree to repay the debt using income - contingent repayment or income - based repayment.
For example, a school can be removed if roughly a third of borrowers entering repayment in a particular year default within the next three years.
Most student loans that are in default can be consolidated if the borrower makes repayment arrangements with their lender.
The Department does Start Printed Page 63327not have data to determine if borrowers who would have been considered to have an adverse credit history in the absence of the regulations have a greater incidence of default or repayment difficulty but, if a subsidy rate were available for this subgroup of PLUS borrowers, it would likely differ from the overall PLUS subsidy rate.
Since 2007, policymakers have tried to reduce defaults by creating additional plans that tie borrowers» payments to their incomes.35 While most of these plans were likely created after many dropouts entered repayment, it would be helpful to know if and how students» usage of different repayment plans changed over time.
Loans that have been in default can be consolidated after three consecutive monthly payments have been made or if the borrower agrees to repay the consolidation loans under an income - driven repayment plan (where the payments are based on the income of the borrower).
A permanent life insurance policy with a specific cash value allows the lender access to that amount as repayment of the loan if the borrower were to default.
Instead, the agency guarantees repayment to lenders if a borrower defaults, so that the lenders know they won't lose money on the deal, thus allowing them to offer competitive mortgage rates on loans that are easier to qualify for than conventional home loans.
Borrowers may continue to defer repayment for the life of the loan, and the loan only becomes due and payable if the borrower moves away, passes away, sells the home or defaults under loan terms.