Foreclosure Advance definition

Foreclosure Advance a recoverable advance made by Seller for T&I Payments or the costs of repair or enforcement in connection with the foreclosure or other enforcement of a Mortgage Loan which is part of a pool of Mortgage Loans backing a mortgage-backed security being serviced by the Seller under a Servicing Contract.
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Foreclosure Advance means a recoverable advance made by Borrower for T&I Payments or the costs of repair or enforcement in connection with the foreclosure or other enforcement of a Mortgage Loan which is part of the underlying pool of Mortgage Loans backing a Securitization Transaction.
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Foreclosure Advance means either (a) a P&I Advance or a T&I Advance made in respect of a Mortgage Loan which is in foreclosure or (b) a Repurchase Foreclosure Advance.
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Examples of Foreclosure Advance in a sentence

  • If a foreclosure sale has been completed with respect to any Government Insured Mortgage Loan, the Master Servicer shall deposit the remaining Scheduled Principal Balance thereof, plus accrued interest thereon (a "Foreclosure Advance"), in the Distribution Account on or before the next succeeding Remittance Date.

  • The Master Servicer thereafter shall be entitled to reimbursement for any Foreclosure Advance out of claims proceeds received in respect of the related Mortgage Loans.

  • The Master Servicer shall purchase from the Trust Government Insured Mortgage Loans with respect to which Assets a Foreclosure Advance has occurred in accordance with the procedures stated above at a price equal to its then current Scheduled Principal Balance.

  • Section 17.2 Foreclosure Advances 17.2.1. Foreclosure Advance Requirement.............................

  • A Swingline Advance may be made as a Warehouse Advance, a Repurchased Advance, and a Foreclosure Advance, and shall bear interest, from the date of such Swingline Advance until paid in full, at the Applicable Rate applicable to that type of Advance.


More Definitions of Foreclosure Advance

Foreclosure Advance. As defined in Section 3.04(c) hereof.
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Foreclosure Advance has the meaning ascribed thereto in Section 6.06(b) of this Agreement.
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Foreclosure Advance a loan made by a Working Capital Lender pursuant to Section 2.03 for the purpose of funding a Foreclosure Payment.
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Foreclosure Advance means an Advance under the Commitment pursuant to Article 2 of this Agreement for the purposes of financing or refinancing the repurchase of an Eligible Foreclosure Mortgage Loan or purchase of Eligible REO or a Swingline Advance made as a Foreclosure Advance.
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Foreclosure Advance means an advance made by the Company with respect to a Servicing Contract (which advance has not been repaid or reimbursed to the Company) to repurchase or foreclose an FHA-insured or VA-guaranteed first priority Mortgage Loan or a first priority conventional Mortgage Loan out of a pool of Mortgage Loans underlying GNMA, FNMA or FHLMC Mortgage-Backed Securities or mortgage-backed securities issued by an investor, in each case for which a foreclosure sale has been commenced or completed or a deed in lieu of foreclosure has been executed and for which a claim against the FHA, the VA or the applicable investor has been filed or is in process.
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Related to Foreclosure Advance

  • Foreclosure Proceeds Proceeds, net of any related expenses of the Servicer, Special Servicer, the Certificate Administrator and/or the Trustee, received in respect of any Foreclosed Property (including, without limitation, proceeds from the operation or rental of such Foreclosed Property) prior to the final liquidation of the Foreclosed Property.

  • Foreclosure means the process by which a property, placed as security for a real estate loan, is sold at auction to satisfy the debt if the trustor (borrower) defaults.

  • Foreclosure Property shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • Lender-Paid Mortgage Insurance Loan Each of the Mortgage Loans identified on the Mortgage Loan Schedule as having a Lender-Paid Mortgage Insurance Rate.

  • Streamlined Mortgage Loan A Mortgage Loan originated in connection with the refinance of a mortgage loan pursuant to the related Seller’s streamlined documentation program then in effect.

  • MERS Eligible Mortgage Loan Any Mortgage Loan that has been designated by the Servicer as recordable in the name of MERS.

  • Real Estate Loan means any debt obligation that is (a) directly or indirectly secured by a mortgage, deed of trust or similar Lien on commercial real estate, residential real estate, office, retail or industrial property or undeveloped land, is underwritten as a mortgage loan and is not otherwise associated with an operating business or (b) a loan to a company engaged primarily in acquiring and developing undeveloped land (whether or not such loan is secured by real estate).

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • Mortgage Collateral the “Collateral” as defined in the Mortgage Loan Agreement.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • Released Mortgaged Property Proceeds As to any Mortgage Loan, proceeds received by the Servicer in connection with (a) a taking of an entire Mortgaged Property by exercise of the power of eminent domain or condemnation or (b) any release of part of the Mortgaged Property from the lien of the related Mortgage, whether by partial condemnation, sale or otherwise, which are not released to the Mortgagor in accordance with applicable law and mortgage servicing standards the Servicer would use in servicing mortgage loans for its own account and this Agreement.

  • PMI Advance As defined in the related Servicing Agreement, if applicable.

  • Balloon Mortgage Loan A Mortgage Loan that provides for the payment of the unamortized principal balance of such Mortgage Loan in a single payment at the maturity of such Mortgage Loan that is substantially greater than the preceding monthly payment.

  • Buydown Mortgage Loan Any Mortgage Loan as to which a specified amount of interest is paid out of related Buydown Funds in accordance with a related buydown agreement.

  • FHA Loan means a Mortgage Loan which is the subject of an FHA Mortgage Insurance Contract.

  • Secured Loan has the meaning specified in Section 2(e) hereof.

  • PACE Loan means (x) any “Property-Assessed Clean Energy loan” or (y) any other indebtedness, without regard to the name given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against the Property.

  • Countrywide Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Countrywide is the applicable Seller.

  • Foreclosure Event means: (i) foreclosure under the Mortgage; (ii) any other exercise by Mortgagee of rights and remedies (whether under the Mortgage or under applicable law, including bankruptcy law) as holder of the Loan and/or the Mortgage, as a result of which Mortgagee becomes owner of the Property; or (iii) delivery by Landlord to Mortgagee (or its designee or nominee) of a deed or other conveyance of Landlord’s interest in the Property in lieu of any of the foregoing.

  • Second Mortgage Loan A Home Equity Loan which constitutes a second priority mortgage lien with respect to the related Property.

  • ARD Mortgage Loan Any Mortgage Loan that is identified as having an Anticipated Repayment Date and a Revised Rate on the Mortgage Loan Schedule.

  • Streamlined Documentation Mortgage Loan Any Mortgage Loan originated pursuant to the Seller's Streamlined Loan Documentation Program then in effect.

  • Mortgage Loan Borrower shall have the meaning assigned to such term in the recitals.

  • Project Loan means the loan made by the Governmental Lender to the Borrower pursuant to the Project Loan Agreement in the original principal amount of $[AMOUNT], as evidenced by the Project Note.

  • MERS Mortgage Loan Any Mortgage Loan registered with MERS on the MERS System.