Liquidating Loan definition
Liquidating Loan. A Mortgage Loan as to which, prior to the close of business on the Business Day next preceding the Due Date, (a) the related Mortgaged Property has become an REO Property or (b) the Servicer has accepted a deed to the related Mortgaged Property in lieu of foreclosure in whole or partial satisfaction of the Mortgage Loan.
Liquidating Loan. A Mortgage Loan (including a mortgage loan formerly held in the Trust Fund which has been assigned to the L/C Bank in consideration of payments under the Letter of Credit) as to which, as of the close of business on the Business Day next preceding the Due Date, the outstanding principal balance under the related Mortgage Note has been accelerated (and as to which any applicable rights of any Person having an interest in the Mortgaged Property to reinstate the Mortgage Loan shall have expired ) and, with respect to which, for satisfaction of such liquidated proceeds of the security for such Mortgage Loan, including (without limitation) (a) from deed in lieu of foreclosure, sale in foreclosure, trustee's sale or other realization as provided by applicable law of real property subject to the related Mortgage and any security agreements, (b) from claims under related private mortgage insurance or hazard insurance, and/or (c) from claims against any public or governmental authority on account of a taking or condemnation of any such property.
Liquidating Loan. A Mortgage Loan whose related Mortgaged Property has become an REO Property in whole or partial satisfaction of the Mortgage Loan.
More Definitions of Liquidating Loan
Liquidating Loan. A Mortgage Loan as to which (a) any right of any person to terminate liquidation proceedings instituted with respect to such Mortgage Loan by paying delinquent payment and foreclosure costs has expired or (b) the Servicer (or Subservicer) or the Master Servicer (or Third Party Servicer) as has accepted the deed to the property (or, in the case of cooperative, the related stocks, shares, membership certificates and/or other documents evidencing ownership thereof) subject to the related Mortgage in lieu of foreclosure and in whole or partial satisfaction of such Mortgage Loan.