Common use of Property/Loan Eligibility Clause in Contracts

Property/Loan Eligibility. Criteria The subject property must be an owner-occupied, primary residence and be located in Oregon. The mortgage has substantial negative equity. The unpaid principal balance of the homeowner’s first lien mortgage cannot exceed $499,000. Loans must be purchased at or below appraised market value of the home. Loans can only be purchased if the lender/servicer has discounted the price of the loan by at least 10 percent of the current unpaid principal balance.

Property/Loan Eligibility. Criteria The subject property must be an owner-a one unit, single family, owner- occupied, primary residence and be located in Oregon. The borrower’s current first lien mortgage has substantial negative equitymust have originated before January 1, 2009. The unpaid principal balance of the homeownerborrower’s first lien mortgage cannot exceed $499,000350,000 unless certain qualifying conditions are met. Loans must be purchased at or below appraised market value In no instance can the unpaid principal balance of the home. Loans can only be purchased if the lender/servicer has discounted the price of the loan by at least 10 percent of the current unpaid principal balanceborrower’s first lien mortgage exceed $729,750.