Foreclosure Loan definition

Foreclosure Loan. A Mortgage Loan with respect to which, as of the Sale Date, the first action necessary to be taken to commence proceedings in Foreclosure has been taken or may be taken under the terms of the applicable Mortgage Loan Documents and Servicing Agreement at the election of the mortgagee or Servicer.

Foreclosure Loan. A Mortgage Loan with respect to which foreclosure proceedings have been referred to an attorney or have been instituted and are pending or have been completed, or a deed in lieu of foreclosure has been accepted or is pending.

Foreclosure Loan. A delinquent Mortgage Loan that is in foreclosure.

Examples of Foreclosure Loan in a sentence

• Except as identified on the Data Tape, no Mortgage Loan is a Foreclosure Loan or a Bankruptcy Loan.

• Subject to the immediately preceding sentence, all interest and transaction fees will be deducted from the proceeds remitted from the Investor to the Banks on each Mortgage Loan, or from proceeds remitted from VA, FHA or private mortgage insurance companies, and the proceeds of the related foreclosure sale on each Foreclosure Loan.

• In the event that any Mortgage Loan becomes ninety (90) days delinquent and is determined to be a Foreclosure Loan within six (6) months of the applicable Sale Date, as defined in 1.25, Seller shall repurchase the Mortgage Loan from the Purchaser and refund the Purchase Price.

• Any Mortgage Loan thirty (30) days or more delinquent as of the Sale Date or any Mortgage Loan which is a Foreclosure Loan or in bankruptcy will be deemed to have an outstanding principal balance of zero for the purpose of calculating the Purchase Price.

• The additional days are included and reflected in the "Seriously Delinquent or Foreclosure Loan Inventory Past Standard criterion of the Servicer Success Scorecard as well as in the foreclosure time line penalty calculation.

More Definitions of Foreclosure Loan

Foreclosure Loan. Any mortgage loan with respect to which a foreclosure sale has occurred on or prior to the Settlement Date.

Foreclosure Loan means a Mortgage Loan as to which the Parent or the Borrower has commenced, and is diligently prosecuting, foreclosure proceedings or such other judicial or non-judicial process or action so as to liquidate the property securing the subject Mortgage Loan.

Foreclosure Loan. A __________ Loan with respect to which the Master Servicer or a Subservicer has commenced foreclosure proceedings.

Foreclosure Loan means a Mortgage Loan with respect to which the following is accurate and complete (and the Company by requesting an Advance for such Mortgage Loan shall be deemed to so represent and warrant to the Banks at and as of the date of such request for an Advance):

Foreclosure Loan. A Mortgage Loan with respect to which, as of the applicable Sale Date, has been referred to an attorney for foreclosure or similar process. Fraud: As defined in the Asset Purchase Agreement. Xxxxxx Guaranty Agreement: With respect to each HMBS, the guaranty agreement executed by the related Xxxxxx Xxx issuer and Xxxxxx Xxx.

Foreclosure Loan. A Mortgage Loan with respect to which, as of the applicable Closing Date, has been referred to an attorney for foreclosure or similar process. Fraud: As defined in the Asset Purchase Agreement. GAAP: Generally accepted accounting principles, consistently applied. GLBA: The Xxxxx-Xxxxx-Xxxxxx Act of 1999 as amended, modified, or supplemented from time to time, and any successor statute, and all rules and regulations issued or promulgated in connection therewith. Xxxxxx Xxx: The Government National Mortgage Association, or any successor thereto. Xxxxxx Xxx Guide: The Xxxxxx Xxx Mortgage-Backed Securities Guide and all amendments or additions thereto, and any other applicable rules, regulations, requirements and guidelines of Xxxxxx Xxx. Governmental Authority: As defined in the Asset Purchase Agreement. Governmental Permit: As defined in the Asset Purchase Agreement. HECM Loan: A Reverse Mortgage Loan originated pursuant to the HECM Program and insured by Federal Insurance. HECM Program: The HUD Home Equity Conversion Mortgage program. HMBS: A home equity conversion mortgage-backed security. HOEPA: The Home Ownership and Equity Protection Act of 1994, as amended. HUD: The United States Department of Housing and Urban Development or any successor thereto. HUD Handbook: The HUD Home Equity Conversion Mortgage Handbook 4235.1 Rev-1 and any subsequent revisions thereto.

Foreclosure Loan means a Mortgage Loan owned by one of the Companies that is in the process of being foreclosed.