Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. The Master Servicer shall foreclose or otherwise comparably convert to ownership Mortgaged Properties securing defaulted Mortgage Loans when, in the opinion of the Master Servicer based on normal and usual practices and procedures, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02. Alternatively, the Master Servicer may forego foreclosure and charge off a defaulted Mortgage Loan if in the Master Servicer's opinion the proceeds of foreclosure and liquidation are likely to produce an amount less than the unpaid principal balance of senior liens on the Mortgaged Property. If the
Appears in 4 contracts
Samples: Sale and Servicing Agreement (CWHEQ, Inc.), Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2005-J), Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2005-M)
