Examples of Property Charges in a sentence
The Special Servicer assumes full responsibility for the timely payment of all such Property Charges and shall effect timely payment of all such charges irrespective of each Mortgagor’s faithful performance in the payment of same or the making of the Escrow Payments.
Property Charges Set Aside Amount: At closing, the amount that a borrower sets aside to cover property charges such as taxes, insurance, ground rents, and homeowner’s association fees.
Areas Low-to-moderate income senior Reverse Mortgage borrowers who have suffered a hardship that has resulted in the inability to repay the amounts advanced on their behalf by their mortgage loan servicer for the payment of Property Charges.
The new Eligible Non-borrowing Spouse indicator, Annual Interest Rate Change Cap, Maximum Interest Rate, Lifetime Interest Rate Change Cap, and Remaining Property Charges Set Aside fields and the new Payment Option value were implemented and Issuers began reporting these values effective April 1, 2015.
Remaining Property Charges Set Aside: The remaining amount in the set aside established at closing to cover property charges such as taxes, insurance, ground rents, and homeowner’s association fees.