Forbearance Plan giving such Borrower a definite period in which to reinstate his Mortgage Loan by immediately commencing payments in excess of the regular Monthly Payments. Without the prior written consent of the Master Servicer, special forbearance relief agreements reducing or suspending the regular Monthly Payment of the related Mortgage Loan for a specified period of time are not permitted. To the extent that (i) the priority of the lien represented by such Mortgage Loan remains in effect and is not adversely affected, (ii) where applicable, the related Primary Mortgage Insurance policy remains in full force and effect and (iii) where applicable, the related Pool Insurance policy remains in full force and effect, the Servicer, in its discretion, may enter into a Forbearance Plan that provides that the total amount owed during such Delinquency, including costs and expenses, will be repaid within the shortest period practicable, commencing immediately. With respect to such Mortgage Loan, the Forbearance Plan shall provide that such Delinquency will be cured within a period conforming to acceptable servicing practices; provided that such period will not exceed 21 months from the Due Date of the earliest unpaid installment and will not result in a "significant modification" of the Mortgage Loan under the REMIC Provisions. The Forbearance Plan for such Mortgage Loan shall be set forth in writing and executed by the Borrower and by the Servicer in the form of a letter agreement if the earliest unpaid installment is more than 60 days past due.
Forbearance Plan means a defaulted mortgage loan for which a borrower has made payments in accordance with a forbearance plan entered into by the borrower. - Take-out at Foreclosure Sale - means the mortgaged property related to a defaulted mortgage loan that is purchased at a foreclosure sale by a party other than the Servicer in a manner consistent with the Pooling and Servicing Agreement. Pre-Foreclosure Resolution Rate is calculated as the percentage of the loans (by number) that are at least 90 days past due at the beginning of a month on which a Pre-Foreclosure Resolution is achieved during the month divided by the sum of such resolved loans and the number of loans that go to REO during the month. Promise to Pay is an agreement with the Obligor to make at least one full payment within thirty days. Reconciled Market Value (“RMV”) is the targeted sales price of a REO property. RMV is established following an analysis by the Servicer’s in-house appraisers of competing marketing plans and other market conditions. This analysis will include a review of the interior Broker Price Opinions (BPOs) received from the listing agent and an outside third party real-estate agent. This set value never changes throughout the servicing of the REO asset and will be reflected in all reporting. REO Sellable Portfolio is the entire REO portfolio less any REO in eviction, redemption under contract or other situations in which Servicer cannot pass marketable title and must have at least 25 REO properties listed with an average list age of at least 90 days.
Forbearance Plan means a defaulted mortgage loan for which a borrower has made three consecutive payments in accordance with a forbearance plan entered into by the borrower. - Take-out at Foreclosure Sale - means the mortgaged property related to a defaulted mortgage loan that is purchased at a foreclosure sale by a party other than the Servicer in a manner consistent with the related servicing agreement. - Loan Sale - a sale of the mortgage loan to a third party. Pre-Foreclosure Resolution Rate: A rate calculated as the percentage of the loans (by number) that are at least 90 days past due at the beginning of a month on which a Pre-Foreclosure Resolution is achieved during the month divided by the sum of such resolved loans and the number of loans that go to REO Property during the month.
Examples of Forbearance Plan in a sentence
The delinquency status of your loan will be reported to credit reporting agencies as well as your entry into a Repayment Plan, Forbearance Plan, or Trial Period Plan in accordance with the requirements of the Fair Credit Reporting Act and the Consumer Data Industry Association requirements.
This requirement applies even if the Servicer and the Borrower have agreed to a Forbearance Plan.
The Mortgagee must waive all Late Charges, fees, and penalties, if any, as long as the Borrower is on a COVID-19 Forbearance Plan.
No specific format or form agreement is required;however, the agreement must be legally binding and enforceable under all Applicable Laws and, if the Forbearance Plan exceeds three (3) months, the written agreement must include the followingstatement: "Failure to abide by the terms of the agreement will result in the termination of the Forbearance Plan and commencement of Foreclosure".
The accountholder(s) agree that the terms of this accountholder certification and agreement will apply to any modification Trial Period Plan, repayment plan, or Forbearance Plan that I may be offered based on this application.
More Definitions of Forbearance Plan
Forbearance Plan means a written repayment plan or forbearance agreement giving the Mortgagor a definite period in which to reinstate a Mortgage Loan, no more than one (1) year from the establishment of the repayment plan or forbearance agreement.”
Forbearance Plan. An annual payment plan pursuant to which a Mortgagor of a Forbearance Mortgage Loan is obligated to pay interest, principal and any related overdue interest or principal to the extent agreed to by EMC and certain other amounts in satisfaction of the related Mortgage Loan.
Forbearance Plan means a defaulted Mortgage Loan for which the related Mortgagor has made payments in accordance with a forbearance plan entered into by such Mortgagor. • Take-out at Foreclosure Sale - means the Mortgaged Property related to a defaulted Mortgage Loan that is purchased at a foreclosure sale by a party other than the Servicer in a manner consistent with the Agreement.
Forbearance Plan means a Defaulted Mortgage Loan for which a borrower has made three consecutive payments in accordance with a forbearance plan entered into by the borrower.
Forbearance Plan. With respect to a Mortgage Loan, a plan for which the related mortgagor is required to make monthly payments in an amount at least equal to the sum of (i) the amount of the monthly payment of principal and interest in accordance with the original amortization schedule for such Mortgage Loan and (ii) an additional amount to be applied to pay down the total amount of scheduled monthly payments due thereon on or before the Cut-off Date but not received prior to the Cut-off Date.
Forbearance Plan means a defaulted mortgage loan for which a borrower has made three consecutive payments in accordance with a forbearance plan entered into by the borrower. - Take-out at Foreclosure Sale - means the mortgaged property related to a defaulted mortgage loan that is purchased at a foreclosure sale by a party other than the Servicer in a manner consistent with the Pooling and Servicing Agreement. Pre-Foreclosure Resolution Rate is calculated as the percentage of the loans (by number) that are at least 90 days past due at the beginning of a month on which a Pre-Foreclosure Resolution is achieved during the month divided by the sum of such resolved loans and the number of loans that go to REO during the month. Promise to Pay is an agreement with the Obligor to make at least one full payment within thirty days. Reconciled Market Value ("RMV") is the targeted sales price of a REO property. RMV is established following an analysis by the Servicer's in-house appraisers of competing marketing plans and other market conditions. This analysis will include a review of the interior Broker Price Opinions (BPOs) received from the listing agent and an outside third party real-estate agent. This set value never changes throughout the servicing of the REO asset and will be reflected in all reporting. REO Sellable Portfolio is the entire REO portfolio less any REO in eviction, redemption under contract or other situations in which Servicer cannot pass marketable title.
Forbearance Plan means a defaulted mortgage loan for which a borrower has made three consecutive payments in accordance with a forbearance plan entered into by the borrower. - Take-out at Foreclosure Sale - means the mortgaged property related to a defaulted mortgage loan that is purchased at a foreclosure sale by a party other than Fairbanks in a manner consistent with the Trust and Servicing Agreement. PRE-FORECLOSURE RESOLUTION RATE is calculated as the percentage of the loans (by number) that are at least 90 days past due at the beginning of a month on which a Pre-Foreclosure Resolution is achieved during the month divided by the sum of such resolved loans and the number of loans that go to REO during the month. PROMISE TO PAY is an agreement with the [Obligor] to make at least one full payment within thirty days. RECONCILED MARKET VALUE ("RMV") is the targeted sales price of a REO property. RMV is established following an analysis by Fairbanks' in-house appraisers of competing marketing plans and other market conditions. This analysis will include a review of the interior [Broker Price Opinions] (BPOs) received from the listing agent and an outside third party real-estate agent. This set value never changes throughout the servicing of the REO asset and will be reflected in all reporting. REO SELLABLE PORTFOLIO is the entire REO portfolio less any REO in eviction, redemption under contract or other situations in which Fairbanks cannot pass marketable title.