Foreclosed Loan definition

Foreclosed Loan means a Mortgage Loan, the property securing which has been foreclosed upon by Seller.

Foreclosed Loan. As of any date of determination, any Home Loan that has been discharged as a result of (i) the completion of foreclosure or comparable proceedings; (ii) the Issuer's acceptance of the deed or other evidence of title to any related Mortgaged Property in lieu of foreclosure or other comparable proceeding; or (iii) the acquisition by the Issuer of title to any related Mortgaged Property by operation of law.

Foreclosed Loan. As of any Determination Date, any Loan that as of the end of the preceding Remittance Period has been discharged as a result of (i) the completion of foreclosure or comparable proceedings by the Servicer on behalf of the Issuer; (ii) the acceptance of the deed or other evidence of title to the related Mortgaged Property in lieu of foreclosure or other comparable proceeding; or (iii) the acquisition of title to the related Mortgaged Property by operation of law.

Examples of Foreclosed Loan in a sentence

• The lender shall submit the application electronically through VA’s Automated Certificate of Eligibility (ACE) online application.• Foreclosed Loan – Entitlement charged on a foreclosed loan cannot be restored until VA’s loss on the loan has been fully repaid.

• Realised Losses means in relation to a Foreclosed Loan and in respect of any Quarterly Calculation Date, the negative difference between: (a) the aggregate of all Principal Repayments or Net Proceeds relating to principal amounts received by the Issuer since the Cut-Off Date; and (b) the Current Balance of such Foreclosed Loan as of the Cut-Off Date.

• A Loan which is in arrears or in default and in respect of which the Servicer has undertaken and completed applicable Foreclosure Procedures (a Foreclosed Loan), shall, to the extent aresidual debt remains outstanding, be sold to Fiducaire van het Krediet/Fiduciaire du Crédit NV/SA, an ING collection agency, in order to collect the residual debt.

• Consistent with the foregoing, for purposes of all calculations hereunder, so long as such Foreclosed Loan shall be considered to be an outstanding Loan, payments and collections with respect to the related Foreclosure Property received in any month (net of related expenses) shall be applied to amounts which would have been payable under the related Promissory Note in accordance with the terms of such Promissory Note.

• Notwithstanding any such acquisition of title and cancellation of the related Loan, such Loan shall be considered to be a Foreclosed Loan until such time as the related Foreclosure Property shall be sold, transferred or conveyed.

More Definitions of Foreclosed Loan

Foreclosed Loan means a loan the property securing which has been foreclosed upon by Seller.

Foreclosed Loan. As of any Determination Date, any Loan that as of the end of the preceding Remittance Period has been discharged as a result of (i) the completion of foreclosure or comparable proceedings by the Servicer on behalf of the Issuer; (ii) the acceptance of the deed or other evidence of title to the related Mortgaged Property in lieu of foreclosure or other comparable proceeding; or (iii) the acquisition of title to the related Mortgaged Property by operation of law. Foreclosure Property: Any real property securing a Foreclosed Loan that has been acquired by the Servicer on behalf of the Issuer through foreclosure, deed in lieu of foreclosure or similar proceedings in respect of the related Loan. Fxxxxxx Mac: The Federal Home Loan Mortgage Corporation and any successor thereto. GAAP: Generally Accepted Accounting Principles as in effect in the United States.

Foreclosed Loan. As of any date of determination, (a) any Mortgage Loan that has been discharged as a result of (i) the completion of foreclosure or comparable proceedings; (ii) the Owner Trustee's acceptance of the deed or other evidence of title to the related Mortgaged Property in lieu of foreclosure or other comparable proceeding; or (iii) the acquisition by the Owner Trustee of title to the related Mortgaged Property by operation of law and (b) any Equipment Loan that has been discharged as a result of a repossession or comparable conversion of the ownership of the related Equipment.

Foreclosed Loan means assets acquired in full or partial settlement of a loan through realisation of collateral or repossession of leased property.

Foreclosed Loan means an Eligible Loan with respect to which the Underlying Mortgaged Property has been foreclosed upon by Seller or, in the case of Junior Interest, by the Servicer of the Underlying Mortgage Loan.

Foreclosed Loan. As of any date of determination, any Mortgage Loan, other than a Mortgage Loan for which a claim is pending under the Contract of Insurance, that has

Foreclosed Loan. As of any date of determination, any Eligible Loan that as of the end of the preceding Remittance Period has been discharged as a result of (i) the completion of foreclosure or comparable proceedings on the Loan Collateral by the Servicer on behalf of the Issuer; (ii) in respect of any Loan secured by real property, the acceptance of the deed or other evidence of title to the related Mortgaged Property in lieu of foreclosure or other comparable proceeding; or (iii) the acquisition of title to the related Loan Collateral by operation of law. Foreclosure Property: Any real property securing a Foreclosed Loan that has been acquired by the Servicer on behalf of the Issuer through foreclosure, deed in lieu of foreclosure or similar proceedings in respect of the related Foreclosed Loan. Fxxxxxx Mac: The Federal Home Loan Mortgage Corporation and any successor thereto. GAAP: Generally Accepted Accounting Principles as in effect in the United States.