Short Liquidation definition
Short Liquidation means a Defaulted Mortgage Loan for which a final payment in an amount less than the indebtedness owed under the applicable Mortgage Note is made consistent with the terms of the related Servicing Agreement and such payment is received by the Servicer in full satisfaction of such indebtedness, including as the result of any short sale, short refinance, or Mortgage Note sale. Deed-in-Lieu of Foreclosure means a Defaulted Mortgage Loan for which title to the Mortgaged Property is taken back by the Servicer through deed-in-lieu of foreclosure and the resulting REO Property is liquidated consistent with the terms of the related Servicing Agreement. Modification (subject to REMIC restrictions) means a Defaulted Mortgage Loan which is modified in a manner consistent with the related Servicing Agreement.
Short Liquidation means a Defaulted Mortgage Loan for which a final payment in an amount less than the indebtedness owed under the applicable Mortgage Note is made consistent with the terms of the related Servicing Agreement and such payment is received by the Service Provider in full satisfaction of such indebtedness, including as the result of any short sale, short refinance, or Mortgage Note sale. Deed-in-Lieu of Foreclosure means a Defaulted Mortgage Loan for which title to the Mortgaged Property is taken back by the Service Provider through deed-in-lieu of foreclosure and the resulting REO Property is liquidated consistent with the terms of the related Servicing Agreement. Modification (subject to REMIC restrictions) means a Defaulted Mortgage Loan which is modified in a manner consistent with the related Servicing Agreement.