Realization Upon Defaulted Mortgages Sample Clauses
The 'Realization Upon Defaulted Mortgages' clause outlines the procedures and rights related to handling mortgages that have entered default. Typically, this clause specifies the steps a lender or mortgage holder may take to recover the outstanding debt, such as initiating foreclosure proceedings, selling the property, or pursuing other remedies available under law. By clearly defining the process for realizing value from defaulted mortgages, this clause ensures that all parties understand the consequences of default and provides a structured approach for mitigating losses.
Realization Upon Defaulted Mortgages. With respect to each PC Pool, unless the Administrator deems that another course of action (e.g., charge-off) would be in the best economic interest of the Holders, the Administrator (or its authorized designee or representative) shall, as soon as practicable, foreclose upon (or otherwise comparably convert the ownership of) any real property securing a Mortgage which comes into and continues in default and as to which no satisfactory arrangements can be made for collection of delinquent payments. In connection with such foreclosure or conversion, the Administrator (or its authorized designee or representative) shall follow such practices or procedures as it deems necessary or advisable and consistent with general mortgage servicing standards.
Realization Upon Defaulted Mortgages. With respect to each PC Pool, the Administrator (or its authorized designee or representative) shall, as soon as practicable, foreclose upon (or otherwise comparably convert the ownership of) any real property securing a Mortgage which comes into and continues in default and as to which no satisfactory arrangements can be made for collection of delinquent payments. In connection with such foreclosure or conversion, the Administrator (or its authorized designee or representative) shall follow such practices or procedures as it deems necessary or advisable and consistent with general mortgage servicing standards.
Realization Upon Defaulted Mortgages. ▇▇▇▇▇▇▇ Mac (or its agent) will foreclose upon (or otherwise comparably convert the ownership of) any real property securing a Mortgage which comes into and continues in default and as to which no satisfactory arrangements can be made for
Realization Upon Defaulted Mortgages. ▇▇▇▇▇▇▇ ▇▇▇ (or its agent) will foreclose upon (or otherwise comparably convert the ownership of) any real property securing a Mortgage which comes into and continues in default and as to which no satisfactory arrangements can be made for collection of delinquent payments. In connection with such foreclosure or conversion, ▇▇▇▇▇▇▇ ▇▇▇ (or its agent) will follow such practices or procedures as it deems necessary or advisable and consistent with general mortgage servicing standards.
Realization Upon Defaulted Mortgages. With respect to each PC Pool, unless the Administrator deems that another course of action (e.g., charge-off) would be in the best economic interest
Realization Upon Defaulted Mortgages. Freddie Mac (or its agent) will foreclose upon (or otherwise comparably convert the ownership of) any real property securing a Mortgage which comes into and continues in default and as to which no satisfactory arrangements can be made for collection of delinquent payments. In connection with such foreclosure or conversion, Freddie Mac (or its agent) will follow such practices or procedures as it deems necessary or advisable and consistent with general mortgage servicing standards.