Deed in Lieu definition

Deed in Lieu. The Servicer's acceptance of a deed in lieu of foreclosure.
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Deed in Lieu has the meaning provided in Section 14(b) hereof.
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Deed in Lieu. A deed in lieu (DIL) is defined as the legal process for exchanging property for the debt. The deed to the property is willingly signed over to the lender. In order to complete a DIL, the lender must agree to accept the DIL and Xxxxxx Xxx must approve the request. The title to the property must be clear without liens or judgments. Move in condition of the property is strictly enforced as outlined below. In order to initiate this transaction we need:
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Examples of Deed in Lieu in a sentence

  • As more fully described in the DiDonato Declaration, substantially all of the assets of the Debtors were transferred Assets transferred in accordance with the Strict Foreclosure, Deed in Lieu and Settlement Agreement dated as of May 17, 2020.

  • As more fully described in the DiDonato Declaration, substantially all of the assets of the Debtors were transferred Assets transferred in accordance with the Strict Foreclosure, Deed in Lieu and Settlement Agreement dated as of May 17, 2020 (“SFA”).

  • A transfer from a record owner to a mortgage holder/lien creditor pursuant to a Deed in Lieu of Foreclosure.

  • If a Trustee’s Sale Guarantee is cancelled and the borrower in default voluntarily transfers the property to the foreclosing lender by a Deed in Lieu of Foreclosure, a credit in the amount of 100% of the charges paid for said Guarantee shall be allowed as a credit against the charge for an owner’s policy insuring the foreclosing lender.

  • Development Experience points will not be applied to any Mississippi LIHTC development(s) that involve any of the violations listed below:• Foreclosure or Deed in Lieu of Foreclosure of any MS LIHTC property beginning in 2011• Any Developer or Developer Entity forcibly removed from any Limited Partnership (including a General Partner) or Limited Liability Company relating to a MS LIHTC development beginning in 2019.

  • A Deed in Lieu of Foreclosure usually results in an agreement that the lender will not seek a deficiency judgment against the borrower.

  • VALERI calculates the unpaid principal balance as of the date of the foreclosure sale (or the date of confirmation of the sale in confirmation/ratification of sale states), closing date of the compromise sale (HUD-1 settlement date), or date the DIL is recorded or submitted for recording (depending on which is reported in the Deed in Lieu Complete event).

  • Excepting Transfers by foreclosure or an Acquisition Lender’s acceptance of a Deed in Lieu of Foreclosure, or other circumstances approved by MOH, all Transfers shall take place through an escrow account with a mutually acceptable Title Company.

  • Bankruptcy - Chapter 7 / Foreclosure / Deed in Lieu / Pre-foreclosure / Short Sale: The fact that these events exist in an applicant’s (or spouse’s) credit history does not in itself disqualify the loan.

  • The purpose of Radian’s Short Sale Review is to review the conditions of Claims resulting from a Short Sale or Deed in Lieu (DIL).


More Definitions of Deed in Lieu

Deed in Lieu means a deed tendered by the record owner to prevent the creditor from asserting a legal right to recover payment of a debt through a foreclosure action.
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Deed in Lieu has the meaning set forth in the recitals hereof.
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Deed in Lieu shall have the meaning ascribed to such term in Section 8.1.1. of this Agreement.
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Deed in Lieu means a deed or other instrument in lieu of foreclosure of Agent's liens on and security interests in a Property and to which Agent and Lenders agree in accordance with Section 3.2.
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Deed in Lieu has the meaning provided in Section 11 hereof.
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Related to Deed in Lieu

  • Substitute Loan A mortgage loan substituted for a Deleted Loan pursuant to the terms of this Agreement which must, on the date of such substitution, (i) have an outstanding principal balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution, not in excess of the Scheduled Principal Balance of the Deleted Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) have a Mortgage Interest Rate not less than (and not more than one percentage point in excess of) the Mortgage Interest Rate of the Deleted Loan, (iii) have a remaining term to maturity not greater than (and not more than one year less than) that of the Deleted Loan, (iv) have the same Due Date as the Due Date on the Deleted Loan, (v) have a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Loan as of such date, (vi) have a risk grading at least equal to the risk grading assigned on the Deleted Loan, (vii) is a “qualified mortgage” as defined in the REMIC Provisions and (viii) conform to each representation and warranty set forth in Section 6 of the Mortgage Loan Purchase Agreement applicable to the Deleted Loan. In the event that one or more mortgage loans are substituted for one or more Deleted Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate principal balances, the Mortgage Interest Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Interest Rates, the terms described in clause (iii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (v) hereof shall be satisfied as to each such Substitute Loan, the risk gradings described in clause (vi) hereof shall be satisfied as to each such Substitute Loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clauses (vii) and (viii) hereof must be satisfied as to each Substitute Loan or in the aggregate, as the case may be.

  • Deed means a quitclaim deed(s) substantially in the form set out in the attached Exhibit C.

  • Assignment and Conveyance An assignment and conveyance of the Mortgage Loans purchased on a Closing Date in the form annexed hereto as Exhibit 4.

  • Loan Assignment has the meaning set forth in the Purchase and Sale Agreement.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Collateral Certificate means an Investor Certificate issued pursuant to a Pooling and Servicing Agreement and the related Series Supplement.

  • Public conveyance means a conveyance that the public or a portion of the public has access to and a right to use for transportation, including an airline, railroad, bus, boat, or other public conveyance.

  • Supplemental Certificate shall have the meaning specified in Section 6.03.

  • Lease Assignments means the assignments of real property leases and subleases by and between a member of the Nuance Group, as assignor, and a member of the SpinCo Group, as assignee, in each case as set forth on Schedule XII under the caption “Lease Assignments.”

  • Substitute Property shall have the meaning set forth in Section 2.6 hereof.

  • Lease Assignment has the meaning set forth in Section 3.5(d).

  • New Home means every newly constructed private dwelling unit and the fixtures and structure that are made a part of a newly constructed private dwelling unit at the time of construction.

  • Eligible Substitute Mortgage Loan With respect to a Mortgage Loan substituted by the Transferor for a Deleted Mortgage Loan, a Mortgage Loan which must, on the date of such substitution, (i) have a Principal Balance, (or, in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Principal Balance), not in excess of, and not more than 10% less than the Principal Balance of the Deleted Mortgage Loan; (ii) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iii) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (iv) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (v) comply with each representation and warranty set forth in Section 2.03 hereof; (vi) be the same credit grade category as the Deleted Mortgage Loan; (vii) have the same prepayment penalty term; and (viii) not be a Cooperative Mortgage Loan unless the Deleted Mortgage Loan was a Cooperative Mortgage Loan.

  • Lender Joinder Agreement as defined in Subsection 2.8(c).

  • Guaranty Joinder Agreement means each Guaranty Joinder Agreement, substantially in the form thereof attached to the Guaranty, executed and delivered by a Subsidiary to Administrative Agent pursuant to Section 6.14.

  • Guaranty Supplement has the meaning specified in Section 8.05.

  • Loan Note means any loan note issued in accordance with the arrangements for any loan note alternative in the Scheme or, as the case may be, the Offer.

  • Counterpart Agreement means a Counterpart Agreement substantially in the form of Exhibit H delivered by a Credit Party pursuant to Section 5.10.

  • Supplemental contract means a written agreement entered into for the distribution of proceeds under a life, health, or annuity policy or contract.

  • Conveyance Agreement means the Conveyance Agreement Master Securitization Terms Number 1000, dated February 29, 2008, as amended and reaffirmed from time to time, among the Master Depositor, Deutsche Bank Trust Company Americas (as successor in interest to The Bank of New York Mellon Trust Company, National Association, formerly known as The Bank of New York Trust Company, N.A.), as eligible lender trustee for the benefit of the Master Depositor, VL Funding, as the depositor, Deutsche Bank Trust Company Americas (as successor in interest to The Bank of New York Mellon Trust Company, National Association, formerly known as The Bank of New York Trust Company, N.A.), as eligible lender trustee for the benefit of VL Funding, and Xxxxxx Xxx, Inc., as master servicer, together with each executed Purchase Agreement (as defined therein), each executed Xxxx of Sale (as defined therein) and all attachments thereto.

  • conveyancer means the conveyancer described at paragraph 6 of the Schedule;

  • Subsidiary Joinder Agreement means a joinder to this Agreement, substantially in the form of Exhibit C.

  • Substitute Mortgage Loan A Mortgage Loan substituted by the Seller for a Deleted Mortgage Loan which must, on the date of such substitution, as confirmed in a Request for Release, substantially in the form of Exhibit L, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not more than 10% less than the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have an Adjusted Net Mortgage Rate not lower than the Adjusted Net Mortgage Rate of the Deleted Mortgage Loan, provided that the Master Servicing Fee for the Substitute Mortgage Loan shall be equal to or greater than that of the Deleted Mortgage Loan; (iii) have a maximum mortgage rate not more than 1% per annum higher or lower than the maximum mortgage rate of the Deleted Mortgage Loan; (iv) have a minimum mortgage rate specified in its related Mortgage Note not more than 1% per annum higher or lower than the minimum mortgage rate of the Deleted Mortgage Loan; (v) have the same mortgage index, reset period and periodic rate as the Deleted Mortgage Loan and a gross margin not more than 1% per annum higher or lower than that of the Deleted Mortgage Loan (vi) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (vii) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (viii) not be a Cooperative Loan unless the Deleted Mortgage Loan was a Cooperative Loan and (ix) comply with each representation and warranty set forth in Section 2.3 hereof.

  • Assumption Agreement has the meaning specified in Section 2.18(d)(ii).