FORECLOSURE POLICIES Sample Clauses

FORECLOSURE POLICIES. A. Generally Accounts in respect of which foreclosure proceedings are to be commenced are assigned for foreclosure to Xxx Xxxxxx Homes, Inc. ("JWH"). The actual foreclosure process consists of JWH delivering the necessary Account Documents to attorneys in the state in which the mortgaged property is located with direction to foreclose on the Account as quickly as possible. JWH also has counsel in Tampa, North Carolina to oversee the foreclosure activities of all local counsel. In any case in which an Obligor has agreed to surrender the mortgaged property by deed in lieu of foreclosure, Mid-State performs a search of the judgment records on file in the applicable county to determine whether the property is subject to tax or other liens. If there are liens on record, other than tax liens, Mid-State refuses the deed in lieu of foreclosure and, if necessary, initiates foreclosure to acquire the property free of such liens. Accounts recommended for foreclosure are notified that JWH intends to initiate foreclosure or repossession if payment is not made in 30 days. Provided that JWH is the successful bidder at the resulting judicial sale, the relevant JWH Field Representative will be responsible for reselling the repossessed property. The average period elapsed between repossession of a property by JWH and its resale is approximately 30 days.

FORECLOSURE POLICIES. A. Generally Mortgage Assets in respect of which foreclosure proceedings are to be commenced are referred for foreclosure by Walter Mortgage. The actual foreclosure process consists of Walter Moxxxxxx delivering the necessary Mortgage Asset Documents to xxxxxxeys in the state in which the mortgaged property is located with direction to foreclose on the Mortgage Asset as quickly as possible. Walter Mortgage also has staff in Tampa, Florida to oversee the forecxxxxxx activities of all local counsel. In any case in which an Obligor has agreed to surrender the mortgaged property by deed in lieu of foreclosure, Walter Mortgage performs a search of the records on file in the applixxxxx county to determine whether the property is subject to tax or other liens. If there are liens on record, other than tax liens, Walter Mortgage refuses the deed in lieu of foreclosure and, if necesxxxx, initiates foreclosure to acquire the property free of such liens. Mortgage Assets recommended for foreclosure are notified that Walter Mortgage intends to initiate foreclosure or repossession if paxxxxx is not made in 30 days. Provided that Walter Mortgage is the successful bidder at the resulting judicial saxx, xxe relevant Walter Mortgage Field Representative will be responsible for resellinx xxx repossessed property. The average period elapsed between repossession of a property and its resale is approximately 67 days.

FORECLOSURE POLICIES. A. Generally Accounts in respect of which foreclosure proceedings are to be commenced are referred for foreclosure to [___]. The actual foreclosure process consists of [___] delivering the necessary Mortgage Asset Documents to attorneys in the state in which the mortgaged property is located with direction to foreclose on the Account as quickly as possible. [___] also has staff in Tampa, Florida to oversee the foreclosure activities of all local counsel. In any case in which an Obligor has agreed to surrender the mortgaged property by deed in lieu of foreclosure, [___] performs a search of the records on file in the applicable county to determine whether the property is subject to tax or other liens. If there are liens on record, other than tax liens, [___] refuses the deed in lieu of foreclosure and, if necessary, initiates foreclosure to acquire the property free of such liens. Accounts recommended for foreclosure are notified that [___] intends to initiate foreclosure or repossession if payment is not made in 30 days. Provided that [___] is the successful bidder at the resulting judicial sale, the relevant [___] Field Representative will be responsible for reselling the repossessed property. The average period elapsed between repossession of a property and its resale is approximately 45 days.

FORECLOSURE POLICIES. A. Generally Mortgage Loans in respect of which foreclosure proceedings are to be commenced are referred for foreclosure to [___]. The actual foreclosure process consists of [___] delivering the necessary Mortgage Asset Documents to attorneys in the state in which the mortgaged property is located with direction to foreclose on the Mortgage Loan as quickly as possible. [___] also has staff in Tampa, Florida to oversee the foreclosure activities of all local counsel. In any case in which an Obligor has agreed to surrender the mortgaged property by deed in lieu of foreclosure, [___] performs a search of the records on file in the applicable county to determine whether the property is subject to tax or other liens. If there are liens on record, other than tax liens, [___] refuses the deed in lieu of foreclosure and, if necessary, initiates foreclosure to acquire the property free of such liens. Mortgage Loans recommended for foreclosure are notified that [___] intends to initiate foreclosure or repossession if payment is not made in 30 days. Provided that [___] is the successful bidder at the resulting judicial sale, the relevant [___] Field Representative will be responsible for reselling the repossessed property. The average period elapsed between repossession of a property and its resale is approximately 45 days.