Foreclosure Restricted Loan definition

Foreclosure Restricted Loan. Any Mortgage Loan that is 60 or more days delinquent as of the Closing Date, unless such Mortgage Loan has become current for three consecutive Scheduled Payments after the Closing Date.

Foreclosure Restricted Loan. Each Mortgage Loan listed on Schedule I-I hereto and with respect to which foreclosure (or deed-in-lieu of foreclosure or similar) proceedings are instituted on or before the first anniversary of the Closing Date.

Foreclosure Restricted Loan. Any Mortgage Loan that is 60 or more days delinquent as of the Closing Date, unless such Mortgage Loan has become current for three consecutive Scheduled Payments after the Closing Date. Xxxxxxx Mac: Xxxxxxx Mac, a corporate instrumentality of the United States created and existing under Title III of the Emergency Home Finance Act of 1970, as amended, or any successor thereto.

Examples of Foreclosure Restricted Loan in a sentence

• For purposes of this paragraph, the “Value” of REO Property related to a Foreclosure Restricted Loan shall be treated as equal to the Principal Balance of the related Foreclosure Restricted Loan plus interest that had accrued on such Mortgage Loan as of the date of acquisition of the REO Property by the Trustee.

• If the Seller shall fail to repurchase or substitute for such Foreclosure Restricted Loan within five (5) Business Days, the Servicer shall continue foreclosure proceedings consistent with the terms of this Agreement and Accepted Servicing Practices.

• For purposes of this paragraph the “Value” of REO Property from a Foreclosure Restricted Loan shall be treated as equal to the Principal Balance of the related Foreclosure Restricted Loan plus interest that had accrued on such Mortgage Loan as of the date of acquisition of the REO Property by the Trustee.

• Upon receipt of such notification, the Seller must, pursuant to the terms of the Mortgage Loan Sale Agreement and within five (5) Business Days thereafter, either repurchase the Foreclosure Restricted Loan or substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan.

• Within ten (10) Business Days of the Servicer becoming aware that the first formal legal proceedings for foreclosure (or deed-in-lieu of foreclosure or similar) are instituted with respect to any Foreclosure Restricted Loan on or before the first anniversary of the Closing Date (provided that such proceedings are instituted in a timely manner in accordance with the terms of this Agreement and with Accepted Servicing Practices), the Servicer shall notify the Master Servicer.

More Definitions of Foreclosure Restricted Loan

Foreclosure Restricted Loan. A Mortgage Loan which was between 60 and 89 days delinquent as of the Cut-off Date, as indicated on the Mortgage Loan Schedule; provided, that if such Mortgage Loan becomes current for three consecutive Scheduled Payments, such Mortgage Loan shall no longer be a Foreclosure Restricted Loan.

Foreclosure Restricted Loan. Any Mortgage Loan that is 60 days or more delinquent in payment as of October 1, 2004, each of which is listed on Exhibit G hereto. Xxxxxxx Mac: The Federal Home Loan Mortgage Corporation, or any successor thereto.

Foreclosure Restricted Loan. Any Mortgage Loan (other than a Cash Flow Loan) which was 60 days or more delinquent as of the Cut-Off Date, as indicated on the schedule attached hereto as Exhibit K.

Foreclosure Restricted Loan. Each Mortgage Loan listed on Schedule I-H hereto and with respect to which foreclosure (or deed-in-lieu of foreclosure or similar) proceedings are instituted on or before the first anniversary of the Closing Date. Xxxxxxx Mac: Xxxxxxx Mac, the entity formerly known as the Federal Home Loan Mortgage Corporation.

Foreclosure Restricted Loan. Any Mortgage Loan that is 60 days or more delinquent in payment as of March 1, 2004, each of which is listed on Exhibit G hereto.

Foreclosure Restricted Loan. Any Mortgage Loan that is 60 or more days delinquent as of the Closing Date, unless the Mortgage Loan has become current for three consecutive Scheduled Payments after the Closing Date.

Foreclosure Restricted Loan. A Mortgage Loan which was between 60 and 89 days delinquent as of the Cut-off Date or is a Servicer Bailee Loan, as indicated on Exhibit X; provided, that such Mortgage Loan will no longer be a Foreclosure Restricted Loan: (i) if such Mortgage Loan was between 60 and 89 days delinquent as of the Cut-off Date, it becomes current for three consecutive Monthly Payments after the Cut-off Date, or (ii) if such Mortgage is a Servicer Bailee Loan, it becomes current for three consecutive Monthly Payments after the Cut-off Date or the original Mortgage File is returned to the Trustee.