Defaulted Home Loan definition

Defaulted Home Loan. With respect to any date of determination, any Home Loan, including, without limitation, any Liquidated Home Loan with respect to which any of the following has occurred as of the end of the preceding Due Period: (a) foreclosure or similar proceedings have been commenced; (b) any portion of a Monthly Payment becomes 180 days past due by the related Obligor; or (c) the Servicer or any Subservicer has determined in good faith and in accordance with customary servicing practices that such Home Loan is in default or imminent default.

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Defaulted Home Loan. With respect to any date of determination, any Home Loan, including, without limitation, any Liquidated Home Loan with respect to which any of the following has occurred as of the end of the preceding Due Period: (a) foreclosure or similar proceedings have been commenced; or (b) the Servicer has determined in good faith and in accordance with the Accepted Servicing Procedures that such Home Loan is in default for a period in excess of 30 days or imminent default and that such default or imminent default involves the nonpayment of any Monthly Payment or a default which has or would have a material adverse affect on such Home Loan.

Defaulted Home Loan. A Home Loan with respect to which: (i) a claim has been paid or finally rejected pursuant to the Contract of Insurance, (ii) the Property has been repossessed and sold, or (iii) any portion of a Monthly Payment is more than 180 calendar days past due (without giving effect to any grace period).

Examples of Defaulted Home Loan in a sentence

Notwithstanding anything in this Agreement to the contrary, the Servicer shall not permit any additional extension or modification with respect to any Home Loan other than that permitted by the immediately preceding sentence unless the Home Loan is a Defaulted Home Loan.
Any substitution of a Defaulted Home Loan for a Qualified Substitute Home Loan by the Servicer shall be performed in accordance with the substitution provisions set forth in Section 3.05(c) and Section 3.05(d).
The purchase price paid for any Defaulted Home Loan sold to an Affiliate of the Servicer shall not be less than the price that, in the reasonable judgment of the Servicer, would have been paid for such Defaulted Home Loan by Person who is not an Affiliate of the Servicer.
The Servicer shall be acting in the best interests of the Grantor Trust Holder and Securityholders, when the Servicer, in accordance with the Accepted Servicing Procedures, undertakes actions to collect a Defaulted Home Loan that have a higher likelihood of a reasonable recovery within a shorter time period, and foregoes taking actions that have a lower likelihood of a larger recovery over a longer time period.
Notwithstanding anything in this Agreement to the contrary, the Servicer shall not permit any additional extension or modification with respect to any Home Loan other than that permitted by the immediately preceding sentence, unless the Home Loan is a Defaulted Home Loan.
If a Defaulted Home Loan is modified pursuant to this Section in a manner that releases a portion of the Principal Balance thereof, then such released amount shall be included as "Net Loan Losses" hereunder.
If the Servicer elects to purchase a Defaulted Home Loan, the Servicer shall deposit the Purchase Price in the Note Distribution Account on the Monthly Cut-Off Date following the date on which such election is made.
If an Interest Advance shall become a Nonrecoverable Advance or if a Home Loan shall become a Defaulted Home Loan and the Master Servicer or Servicer shall not have been fully reimbursed for any such Interest Advances with respect to such Home Loan, the Master Servicer or Servicer, as applicable, shall be entitled to be reimbursed for the outstanding amount of such Interest Advances from unrelated Home Loans pursuant to Section 5.01(c)(i)(b).
In accordance with Section 4.10(a) hereof, the Servicer, in its discretion, shall have the power and authority to sell any Defaulted Home Loan or Liquidated Home Loan, on behalf of the Grantor Trustee for the benefit of the Grantor Trust Holder and the Securityholders, to one or more Persons in a manner that will be likely to obtain a reasonable recovery of net proceeds therefrom under the circumstances.
Notwithstanding anything in this Agreement to the contrary, the Servicer shall not permit any additional extension or modification with respect to any Home Loan other than that permitted by the immediately preceding sentence unless the Home Loan is a Defaulted Home Loan or, in the case of any FHA Loan, such extension or modification complies with the requirements of Title I or is required by Title I and such FHA Loan is a Defaulted Home Loan or a payment default is reasonably foreseeable by the Servicer.

More Definitions of Defaulted Home Loan

Defaulted Home Loan. With respect to any date of determination, any Home Loan, including, without limitation, any Liquidated Home Loan with respect to which any of the following has occurred as of the end of the preceding Due Period: (a) foreclosure or similar proceedings have been commenced; (b) any portion of a Monthly Payment becomes 180 days past due by the related Obligor; or (c) the Servicer or any Subservicer has determined in good faith and in accordance with the Accepted Servicing Procedures that such Home Loan is in default for a period in excess of 30 days or imminent default and that such default or imminent default involves the nonpayment of any Monthly Payment or a default which has or would have a material adverse affect on such Home Loan.

Defaulted Home Loan. With respect to the calculation of the Required Credit Support Multiple, or the waiver or modification of a Home Loan pursuant to Section 4.01(c), during a Due Period, any Home Loan, including without limitation any Liquidated Home Loan, with respect to which any of the following occurs: (a) foreclosure or similar proceedings have been commenced; (b) any portion of a Monthly Payment becomes 180 days past due by the related Obligor; or (c) the Servicer or any Subservicer has determined in good faith and in accordance with customary servicing practices that such Home Loan is uncollectible; provided, further, that with respect to a Defaulted Home Loan that is repurchased or substituted pursuant to Section 3.05 or a Defaulted Home Loan that is modified, waived or varied pursuant to Section 4.01(c), such Defaulted Home Loan shall continue to be included in the calculation of the Required Credit Support Multiple.

Defaulted Home Loan. With respect to any date of determination, any ------------------- Home Loan, including without limitation any Liquidated Home Loan, with respect to which any of the following has occurred as of the end of the preceding Due Period: (a) a claim has been paid or finally rejected pursuant to the Contract of Insurance; (b) foreclosure or similar proceedings have been commenced; (c) any portion of a Monthly Payment becomes 180 days past due by the related Obligor; or (d) the Servicer or any Subservicer has determined in good faith and in accordance with customary servicing practices that such Home Loan is in default or imminent default.

Defaulted Home Loan. With respect to the calculation of the Required Credit Support Multiple or the waiver or modification of a Home Loan pursuant to Section 4.01(c), during a Due Period, any Home Loan, including without limitation any Liquidated Home Loan, with respect to which any of the following occurs: (a) foreclosure or similar proceeding has been commenced; (b) any portion of a Monthly Payment has become 180 days past due by the related Obligor; or (c) the Servicer or any Subservicer has determined in good faith and in accordance with customary servicing practices that such Home Loan is uncollectible; provided, further, that (i) any Defaulted Home Loan that is released from the lien of the Indenture or substituted for pursuant to Section 2.9(c) of the Indenture at any time after the date of the occurrence of the most recent Credit Support Funding Event, if any, and during the continuance thereof, and any Defaulted Home Loan that is modified, waived or varied pursuant to Section 4.01(c), shall continue to be included in the calculation of the Required Credit Support Multiple and (ii) any Defaulted Home Loan that is (A) repurchased or substituted for at any time pursuant to Section 3.05(a) or (B) released from the lien of the Indenture or substituted for prior to the date of the occurrence of a Credit Support Funding Event, if any, pursuant to Section 2.9(c) of the Indenture, shall not continue to be included in the calculation of the Required Credit Support Multiple.

Defaulted Home Loan. A Home Loan with respect to which: (a) foreclosure proceedings have been commenced, (b) any portion of a Monthly Payment is more than 180 days past due (without giving effect to any grace period) or (c) the Servicer has determined in good faith in accordance with Accepted Servicing Practices that all amounts which it expects to receive from the related Obligor with respect to the Home Loan have been received.