Second Mortgage Loan definition

Second Mortgage Loan. A Home Equity Loan which constitutes a second priority mortgage lien with respect to the related Property.

Second Mortgage Loan. A Mortgage Loan that is secured by a second lien on the Mortgaged Property securing the related Mortgage Note.

Second Mortgage Loan means a Mortgage Loan secured by a Second Mortgage.

Examples of Second Mortgage Loan in a sentence

• It shall be the responsibility of the Mortgage Lender to service the Second Mortgage Loan on behalf of the Commission until the Second Mortgage Loan is purchased by the Servicer.

• The out-of-pocket costs incurred for the closing and recording of the Second Mortgage Loan Deed of Trust may be charged to the borrower and may be paid from the principal amount of the Second Mortgage Loan.

• A closing cost administration fee as set forth in the Second Mortgage Loan Program Manual shall be collected by the Mortgage Lender from the buyer/seller and netted out to the Servicer upon the Servicer’s purchase of the Second Mortgage Loan.

• In the event a Second Mortgage Loan is 18 required, as explained in Section 4, repayment is required to 19 COUNTY if the Project is no longer the principal residence or upon 20 sale, rental, refinance, conveyance, transfer or change in title of the 21 Project prior to the expiration of the Affordability Period in violation 22 of the Homebuyer Deed of Trust.

• Except as provided in Paragraph 12 hereof, upon the Borrower's breach of any covenant or agreement of the Borrower in this Mortgage, or in the event that the Borrower shall have made material misrepresentations or materials omissions in his/her/their application for a Second Mortgage Loan, the Lender, at the Lender's option, may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclosure this Mortgage by judicial proceeding.

More Definitions of Second Mortgage Loan

Second Mortgage Loan. The term "Home Equity Loan" includes any Home Equity Loan which is Delinquent, which relates to a foreclosure or which relates to a Property which is REO Property prior to such Property's disposition by the Trust. Any home equity loan which, although intended by the parties hereto to have been, and which purportedly was, transferred and assigned to the Trust by the Depositor, in fact was not transferred and assigned to the Trust for any reason whatsoever, including, without limitation, the incorrectness of the statement set forth in Section 3.04(b)(x) hereof with respect to such home equity loan, shall nevertheless be considered a "Home Equity Loan" for all purposes of this Agreement.

Second Mortgage Loan. The term "Mortgage Loan" includes any Mortgage Loan which is Delinquent, which relates to a foreclosure or which relates to a Property which is REO Property prior to such Property's disposition by the Trust. Any mortgage loan which, although intended by the parties hereto to have been, and which purportedly was, transferred and assigned to the Trust by the Company, in fact was not transferred and assigned to the Trust for any reason whatsoever shall nevertheless be considered a "Mortgage Loan" for all purposes of this Agreement.

Second Mortgage Loan means a Mortgage Loan secured by a Mortgage constituting a second lien on real property.

Second Mortgage Loan. Any Mortgage Loan that is secured by a second lien on or second priority security interest in the related Mortgaged Property.

Second Mortgage Loan means a closed-end Mortgage Loan secured by a Second Mortgage, which is not a Title I Mortgage Loan or a High LTV Mortgage Loan.

Second Mortgage Loan means an obligation secured by a Second Mortgage on real property located in the State, including Down Payment Assistance Loans, second in priority only to a Mortgage Loan (such definition and use of such term in this Origination Agreement shall not be applicable to a MCC stand-alone product or any other Program which does not provide down payment assistance).

Second Mortgage Loan means a Mortgage Loan that is underwritten in conformity with underwriting standards approved by the applicable Investor and is secured by a second priority Mortgage.