Distressed Mortgage Loan definition

Distressed Mortgage Loan. Any Mortgage Loan that at the date of determination is Delinquent in payment for a period of 90 days or more without giving effect to any grace period permitted by the related Mortgage Note or for which the applicable Servicer or the Trustee has accepted a deed in lieu of foreclosure.

Distressed Mortgage Loan. As of any Determination Date, any Mortgage Loan that is delinquent in payment for a period of ninety (90) days or more, without giving effect to any grace period permitted by the related Mortgage Loan, or for which the Servicer or Trustee has accepted a deed in lieu of foreclosure. Distribution Date: Commencing in September 2003, the 25th day of each month or, if such day is not a Business Day, the next succeeding Business Day.

Distressed Mortgage Loan. As of any Transfer Date, any Mortgage Loan that was Delinquent in payment for a period of 90 days or more as of the first calendar day of the month in which such Transfer Date occurs, without giving effect to any grace period permitted by the related Mortgage Note or for which the Servicer has accepted a deed in lieu of foreclosure. No Mortgage Loan shall be considered Delinquent for the purpose of this definition by virtue of the related Mortgagor having made payment to the prior servicer. Distribution Date: Commencing in October 2004, the 25th day of each month (or if such day is not a Business Day, the next succeeding Business Day).

Examples of Distressed Mortgage Loan in a sentence

• Any such purchase of a Distressed Mortgage Loan shall be accomplished by remittance to the Master Servicer for deposit in the Collection Account established pursuant to Section 4.01 of the Trust Agreement of the amount of the Purchase Price.

• Prior to such purchase, the Servicer shall be required to continue to make Monthly Advances with respect to such Distressed Mortgage Loan pursuant to Section 4.03.

• The Trustee and the Servicer shall immediately effectuate the conveyance of the purchased Distressed Mortgage Loan to the NIMS Insurer exercising the purchase option, including prompt delivery of the Servicing File and all related documentation to the applicable NIMS Insurer.

• Any such purchase shall be accomplished by remittance to the Master Servicer of the Purchase Price for the Distressed Mortgage Loan for deposit into the Collection Account established by the Master Servicer pursuant to the Trust Agreement.

• The NIMS Insurer may, at its option, purchase a Distressed Mortgage Loan; provided, however, prior to any such purchase, the Servicer shall be required to continue to make Monthly Advances with respect to such Distressed Mortgage Loans pursuant to Section 4.03.

More Definitions of Distressed Mortgage Loan

Distressed Mortgage Loan means any Mortgage Loan which is ninety (90) days or more Delinquent.

Distressed Mortgage Loan. As of any date of determination, any Mortgage Loan that is delinquent in payment for a period of ninety (90) days or more, without giving effect to any grace period permitted by the related Mortgage Loan, or for which the related Prior Servicer or Trustee has accepted a deed in lieu of foreclosure. A Mortgage Loan that has a due date of the first day of a month will be considered a Distressed Mortgage Loan on the last day of the second following month if the payment that was due on the first day of the month remains unpaid, regardless of the number of days in the month (e.g. a Mortgage Loan for which the next Due Date is October 1st would be considered a Distressed Mortgage Loan as of December 31st if such loan remains unpaid as of such date).

Distressed Mortgage Loan. As of any Transfer Date, any Mortgage Loan that was not in foreclosure, bankruptcy, actively participating in a repayment plan or REO, but which is delinquent in payment for a period of 91 days or more, without giving effect to any grace period permitted by the related Mortgage or Mortgage Note. Notwithstanding the prior sentence, any Mortgage Loan being referred to foreclosure as of the Notice Date or in the month of the Transfer Date shall be considered a Distressed Mortgage Loan. No Mortgage Loan shall be considered delinquent for the purpose of this definition by virtue of the related Mortgagor having made payment to a prior servicer.

Distressed Mortgage Loan. As of any Remittance Date, any Mortgage Loan that is delinquent in payment for a period of ninety (90) days or more, without giving effect to any grace period permitted by the related Mortgage Loan, or for which the Servicer or Trustee has accepted a deed in lieu of foreclosure.

Distressed Mortgage Loan. As of any Transfer Date, any Serviced Mortgage Loan that was Delinquent in payment for a period of 90 days or more as of the first calendar day of the month in which such Transfer Date occurs, without giving effect to any grace period permitted by the related Mortgage Note or for which the Servicer has accepted a deed in lieu of foreclosure. No Serviced Mortgage Loan shall be considered delinquent for the purpose of this definition by virtue of the related Mortgagor having made payment to the prior servicer.

Distressed Mortgage Loan. As of any Determination Date, any Mortgage Loan that is delinquent in payment for a period of ninety (90) days or more, without giving effect to any grace period permitted by the related Mortgage Loan, or for which the Servicer or Trustee has accepted a deed in lieu of foreclosure. Distribution Date: Commencing in March 2007, the 25th day of each month (or, if such day is not a Business Day, the next succeeding Business Day). DBRS: DBRS, Inc., or any successor in interest.

Distressed Mortgage Loan is added to Article I immediately following the definition of "Distribution Date" to read as follows: