Imminent Default definition
Imminent Default means the occurrence of an event that with the giving of notice or the passage of time or both would constitute a Default.
Imminent Default describes a Borrower who ▇▇▇▇▇ Fargo has determined, in accordance with applicable HAMP guidance, as necessary, that default by the Borrower in making scheduled payments on his or her loan is reasonably foreseeable. In assessing whether a Borrower is facing Imminent Default, ▇▇▇▇▇ Fargo will not consider funds held in a 401K, 457, 401(a), or 503 retirement account, an ▇▇▇, SEP ▇▇▇, Simple ▇▇▇, or ▇▇▇▇ ▇▇▇. Additionally, the fact that a Borrower is projected to Recast to a fully amortizing payment under the terms of the Pick-a- Payment mortgage loan within the upcoming four contractual Monthly Payments using the current applicable interest rate as determined under the terms of the note, and the resulting increase, if any, to the respective Borrower’s DTI, shall be considered as a factor in the determination of Imminent Default.
Imminent Default. As defined in the Delegated Authority Guidelines attached hereto as Exhibit O. Independent: When used with respect to any specified Person, any such Person who (i) is in fact independent of the Depositor, the Servicer, the Interim Subservicer, the Custodian, the Trustee, the Master Servicer, the Securities Administrator and their respective Affiliates, (ii) does not have any direct financial interest in or any material indirect financial interest in the Depositor, the Servicer, the Interim Subservicer, the Custodian, the Trustee, the Master Servicer, the Securities Administrator or any Affiliate thereof, and (iii) is not connected with the Depositor, the Servicer, the Interim Subservicer, the Custodian, the Trustee, the Master Servicer, the Securities Administrator or any Affiliate thereof as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions; provided, however, that a Person shall not fail to be Independent of the Depositor, the Servicer, the Interim Subservicer, the Custodian, the Trustee, the Master Servicer, the Securities Administrator or any Affiliate thereof merely because such Person is the beneficial owner of 1% or less of any class of securities issued by the Depositor, the Servicer, the Interim Subservicer, the Custodian, the Trustee, the Master Servicer, the Securities Administrator or any Affiliate thereof, as the case may be. Initial Overcollateralization Amount: $393,171,378.65. Insurance Proceeds: Proceeds of any title policy, hazard policy, Primary Mortgage Insurance Policy or other insurance policy covering a Mortgage Loan, to the extent such proceeds are not to be applied to the restoration of the related Mortgaged Property, required to be deposited in an Escrow Account or released to the Mortgagor in accordance with Customary Servicing Procedures, subject to the terms and conditions of the related Mortgage Note and Mortgage.
Examples of Imminent Default in a sentence
Subject to the provisions contained in Section VI(E)(4), Settlement Class B Members in Imminent Default and Settlement Class C Members who do not qualify for or elect not to accept a HAMP Modification shall be considered for a MAP2R Modification on the terms as outlined in Sections VI(E)(2), (3), and (5) of this Agreement.
Subject to the provisions contained in Section VI(E)(4), Settlement Class B Members in Imminent Default, and Settlement Class C Members, who do not qualify for or elect a HAMP Modification shall be considered for a MAP2R Modification on the terms as outlined in Sections VI(E)(3) and (5) of this Agreement.
If any of the existing Circulation Aides are not appointed to the new positions, they shall be offered severance pay pursuant to Article (2001).
Subject to the provisions contained in Section VI(E)(4) and consistent with federal requirements, each Settlement Class B Member in Imminent Default, and all Settlement Class C Members, first shall be considered for a HAMP Modification.
More Definitions of Imminent Default
Imminent Default means that even though the borrower is current on mortgage payments now, the borrower has suffered a verifiable hardship that makes it unlikely that the borrower will be able to continue to make timely payments at the agreed upon amount. “Verifiable hardship” is defined in investor guidelines.
Imminent Default. As defined in the Delegated Authority Guidelines.
Imminent Default describes a Borrower (as defined in Section 1.7) who the Defendants have determined, in accordance with applicable HAMP guidance, as necessary, that default by the Borrower in making scheduled payments on his or her Pick-a-Payment mortgage loan is reasonably foreseeable. In assessing whether a Borrower is facing Imminent Default, the Defendants will not consider funds held in a 401K, 457, 401(a), or 503 retirement account, an IRA, SEP IRA, Simple IRA, or ▇▇▇▇ ▇▇▇. Additionally, the fact that a Borrower is projected to Recast to a fully- amortizing payment under the terms of the Pick-a-Payment mortgage loan within the upcoming four (4) contractual Monthly Payments (as defined in Section 1.41 hereafter) using the current applicable interest rate as determined under the terms of the note, and the resulting increase, if any, to the respective Borrower’s DTI (as defined in Section 1.22), shall be considered as a factor in the determination of Imminent Default.
Imminent Default means “a Borrower … who [Wells Fargo] ha[s] determined, in accordance with
Imminent Default means the occurrence of any of the following events: