Common use of FORECLOSURE POLICIES Clause in Contracts

FORECLOSURE POLICIES. A. Generally Accounts in respect of which foreclosure proceedings are to be commenced are assigned for foreclosure to Xxx Xxxxxx Homes, Inc. ("JWH"). The actual foreclosure process consists of JWH delivering the necessary Account Documents to attorneys in the state in which the mortgaged property is located with direction to foreclose on the Account as quickly as possible. JWH also has counsel in Tampa, North Carolina to oversee the foreclosure activities of all local counsel. In any case in which an Obligor has agreed to surrender the mortgaged property by deed in lieu of foreclosure, Mid-State performs a search of the judgment records on file in the applicable county to determine whether the property is subject to tax or other liens. If there are liens on record, other than tax liens, Mid-State refuses the deed in lieu of foreclosure and, if necessary, initiates foreclosure to acquire the property free of such liens. Accounts recommended for foreclosure are notified that JWH intends to initiate foreclosure or repossession if payment is not made in 30 days. Provided that JWH is the successful bidder at the resulting judicial sale, the relevant JWH Field Representative will be responsible for reselling the repossessed property. The average period elapsed between repossession of a property by JWH and its resale is approximately 30 days. B. Maintenance and Completion of Repossessed Homes Immediately upon becoming aware that a property has been abandoned or vacated or following repossession of a property, the Field Representative will arrange for basic clean-up of the yard and interior of the house as necessary. Periodic inspections of the property are made during the period between repossession and resale to ensure that the property does not deteriorate significantly. The Field Representative will recommend needed repairs to the Regional Supervisor. Generally speaking, repairs necessary to prevent any structural deterioration will be made forthwith. Depending upon the magnitude of interior repairs, such repairs may either be made at once or they may be made a part of the negotiation of the price and terms of the resale contract. Likewise, in the case of a house which was both sold and repossessed in an unfinished state, as a rule no work will be done on the interior to bring it to a higher state of completion except as part of a firm contact of resale. JWH generally does not maintain a Hazard Insurance Policy on each Acquired Property; however, it does pay all property taxes, assessments and utility bills for such properties and arranges for utilities to be connected or disconnected, as appropriate, and for the properties to be protected in winter months to avoid damage to plumbing.

FORECLOSURE POLICIES. A. Generally Accounts in respect of which foreclosure proceedings are to be commenced are assigned for foreclosure to Xxx Xxxxxx Homes, Inc. ("JWH"). The actual foreclosure process consists of JWH delivering the necessary Account Documents to attorneys in the state in which the mortgaged property is located with direction to foreclose on the Account as quickly as possible. JWH also has counsel in Tampa, North Carolina Florida to oversee the foreclosure activities of all local counsel. In any case in which an Obligor has agreed to surrender the mortgaged property by deed in lieu of foreclosure, Mid-State performs a search of the judgment records on file in the applicable county to determine whether the property is subject to tax or other liens. If there are liens on record, other than tax liens, Mid-State refuses the deed in lieu of foreclosure and, if necessary, initiates foreclosure to acquire the property free of such liens. Accounts recommended for foreclosure are notified that JWH intends to initiate foreclosure or repossession if payment is not made in 30 days. Provided that JWH is the successful bidder at the resulting judicial sale, the relevant JWH Field Representative will be responsible for reselling the repossessed property. The average period elapsed between repossession of a property by JWH and its resale is approximately 30 days. B. Maintenance and Completion of Repossessed Homes Immediately upon becoming aware that a property has been abandoned or vacated or following repossession of a property, the Field Representative will arrange for basic clean-up of the yard and interior of the house as necessary. Periodic inspections of the property are made during the period between repossession and resale to ensure that the property does not deteriorate significantly. The Field Representative will recommend needed repairs to the Regional Supervisor. Generally speaking, repairs necessary to prevent any structural deterioration will be made forthwith. Depending upon the magnitude of interior repairs, such repairs may either be made at once or they may be made a part of the negotiation of the price and terms of the resale contract. Likewise, in the case of a house which was both sold and repossessed in an unfinished state, as a rule no work will be done on the interior to bring it to a higher state of completion except as part of a firm contact of resale. JWH generally does not maintain a Hazard Insurance Policy on each Acquired Property; however, it does pay all property taxes, assessments and utility bills for such properties and arranges for utilities to be connected or disconnected, as appropriate, and for the properties to be protected in winter months to avoid damage to plumbing.

FORECLOSURE POLICIES. A. Generally Accounts Mortgage Loans in respect of which foreclosure proceedings are to be commenced are assigned referred for foreclosure to Xxx Xxxxxx Homes, Inc. ("JWH")[___]. The actual foreclosure process consists of JWH [___] delivering the necessary Account Mortgage Asset Documents to attorneys in the state in which the mortgaged property is located with direction to foreclose on the Account Mortgage Loan as quickly as possible. JWH [___] also has counsel staff in Tampa, North Carolina Florida to oversee the foreclosure activities of all local counsel. In any case in which an Obligor has agreed to surrender the mortgaged property by deed in lieu of foreclosure, Mid-State [___] performs a search of the judgment records on file in the applicable county to determine whether the property is subject to tax or other liens. If there are liens on record, other than tax liens, Mid-State [___] refuses the deed in lieu of foreclosure and, if necessary, initiates foreclosure to acquire the property free of such liens. Accounts Mortgage Loans recommended for foreclosure are notified that JWH [___] intends to initiate foreclosure or repossession if payment is not made in 30 days. Provided that JWH [___] is the successful bidder at the resulting judicial sale, the relevant JWH [___] Field Representative will be responsible for reselling the repossessed property. The average period elapsed between repossession of a property by JWH and its resale is approximately 30 45 days. B. Maintenance and Completion Repair of Repossessed Homes Immediately upon becoming aware that a property has been abandoned or vacated or following repossession of a property, the Field Representative will arrange for basic clean-up of the yard and interior of the house as necessary. Periodic inspections of the property are made during the period between repossession and resale to ensure that the property does not deteriorate significantly. The Field Representative will recommend needed repairs to the Regional Assistant Divisional Supervisor. Generally speaking, repairs necessary to prevent any structural deterioration will be made forthwith. Depending upon the magnitude of interior repairs, such repairs may either be made at once or they may be made a part of the negotiation of the price and terms of the resale contract. Likewise, in the case of a house which was both sold and repossessed in an unfinished state, as a general rule no work will be done on the interior to bring it to a higher state of completion except as part of a firm contact contract of resale. JWH [___] generally does not maintain a Hazard Insurance Policy on each Acquired Property; however, it does pay all property taxes, assessments and utility bills for such properties and arranges for utilities to be connected or disconnected, as appropriate, and for the properties to be protected in winter months to avoid damage to plumbing.

FORECLOSURE POLICIES. A. Generally Accounts in respect of which foreclosure proceedings are to be commenced are assigned referred for foreclosure to Xxx Xxxxxx Homes, Inc. ("JWH")[___]. The actual foreclosure process consists of JWH [___] delivering the necessary Account Mortgage Asset Documents to attorneys in the state in which the mortgaged property is located with direction to foreclose on the Account as quickly as possible. JWH [___] also has counsel staff in Tampa, North Carolina Florida to oversee the foreclosure activities of all local counsel. In any case in which an Obligor has agreed to surrender the mortgaged property by deed in lieu of foreclosure, Mid-State [___] performs a search of the judgment records on file in the applicable county to determine whether the property is subject to tax or other liens. If there are liens on record, other than tax liens, Mid-State [___] refuses the deed in lieu of foreclosure and, if necessary, initiates foreclosure to acquire the property free of such liens. Accounts recommended for foreclosure are notified that JWH [___] intends to initiate foreclosure or repossession if payment is not made in 30 days. Provided that JWH [___] is the successful bidder at the resulting judicial sale, the relevant JWH [___] Field Representative will be responsible for reselling the repossessed property. The average period elapsed between repossession of a property by JWH and its resale is approximately 30 45 days. B. Maintenance and Completion Repair of Repossessed Homes Immediately upon becoming aware that a property has been abandoned or vacated or following repossession of a property, the Field Representative will arrange for basic clean-up of the yard and interior of the house as necessary. Periodic inspections of the property are made during the period between repossession and resale to ensure that the property does not deteriorate significantly. The Field Representative will recommend needed repairs to the Regional Assistant Divisional Supervisor. Generally speaking, repairs necessary to prevent any structural deterioration will be made forthwith. Depending upon the magnitude of interior repairs, such repairs may either be made at once or they may be made a part of the negotiation of the price and terms of the resale contract. Likewise, in the case of a house which was both sold and repossessed in an unfinished state, as a general rule no work will be done on the interior to bring it to a higher state of completion except as part of a firm contact contract of resale. JWH [___] generally does not maintain a Hazard Insurance Policy on each Acquired Property; however, it does pay all property taxes, assessments and utility bills for such properties and arranges for utilities to be connected or disconnected, as appropriate, and for the properties to be protected in winter months to avoid damage to plumbing.

FORECLOSURE POLICIES. A. Generally Accounts Mortgage Assets in respect of which foreclosure proceedings are to be commenced are assigned referred for foreclosure to Xxx Xxxxxx Homes, Inc. ("JWH")by Walter Mortgage. The actual foreclosure process consists of JWH Walter Moxxxxxx delivering the necessary Account Mortgage Asset Documents to attorneys xxxxxxeys in the state in which the mortgaged property is located with direction to foreclose on the Account Mortgage Asset as quickly as possible. JWH Walter Mortgage also has counsel staff in Tampa, North Carolina Florida to oversee the foreclosure forecxxxxxx activities of all local counsel. In any case in which an Obligor has agreed to surrender the mortgaged property by deed in lieu of foreclosure, Mid-State Walter Mortgage performs a search of the judgment records on file in the applicable applixxxxx county to determine whether the property is subject to tax or other liens. If there are liens on record, other than tax liens, Mid-State Walter Mortgage refuses the deed in lieu of foreclosure and, if necessarynecesxxxx, initiates foreclosure to acquire the property free of such liens. Accounts Mortgage Assets recommended for foreclosure are notified that JWH Walter Mortgage intends to initiate foreclosure or repossession if payment paxxxxx is not made in 30 days. Provided that JWH Walter Mortgage is the successful bidder at the resulting judicial salesaxx, the xxe relevant JWH Walter Mortgage Field Representative will be responsible for reselling the resellinx xxx repossessed property. The average period elapsed between repossession of a property by JWH and its resale is approximately 30 67 days. B. Maintenance and Completion Repair of Repossessed Homes Immediately upon becoming aware that a property has been abandoned or vacated or following repossession of a property, the Field Representative will arrange for basic clean-up of the yard and interior of the house as necessary. Periodic inspections of the property are made during the period between repossession and resale to ensure that the property does not deteriorate significantly. The Field Representative will recommend needed repairs to the Regional Assistant Divisional Supervisor. Generally speaking, repairs necessary to prevent any structural deterioration will be made forthwith. Depending upon the magnitude of interior repairs, such repairs may either be made at once or they may be made a part of the negotiation of the price and terms of the resale contract. Likewise, in the case of a house which was both sold and repossessed in an unfinished state, as a general rule no work will be done on the interior to bring it to a higher state of completion except as part of a firm contact contract of resale. JWH generally does not maintain a Hazard Insurance Policy coverage is maintained on each Acquired REO Property; howeveradditionally, it does pay all property taxes, assessments and utility bills for such properties are paid and arranges for utilities appropriate steps are taken to be connected or disconnected, as appropriate, and for the properties to be protected in winter months to avoid protect against damage to plumbingplumbing during winter months.