In Bankruptcy definition
In Bankruptcy. A Mortgage Loan as to which the related Mortgagor has sought relief under or has otherwise been subjected to the federal bankruptcy laws or any other similar laws of general application for the relief of debtors through the institution of appropriate proceedings, and such proceedings are continuing, but excluding any Mortgage Loan as to which the related Mortgagor is current under a bankruptcy plan. In Foreclosure: A Mortgage Loan as to which the first action necessary to be taken to commence proceedings in Foreclosure has been taken, and such proceedings are continuing.
In Bankruptcy. A Mortgage Loan as to which the related Mortgagor has sought relief under or has otherwise been subjected to the federal bankruptcy laws or any other similar laws of general application for the relief of debtors through the institution of appropriate proceedings, and such proceedings are continuing, but excluding any Mortgage Loan as to which the related Mortgagor is current under a bankruptcy plan. In Foreclosure: A Mortgage Loan as to which the first action necessary to be taken to commence proceedings in Foreclosure has been taken, and such proceedings are continuing. Index: With respect to each ARM Loan, the index, as specified in the related Mortgage Note, used to determine the Mortgage Interest Rate on each Adjustment Date on such ARM Loan.
In Bankruptcy means a Mortgage Loan with respect to which the Mortgagor has (i) made an assignment for the benefit of creditors or petitioned or applied to any tribunal for the appointment of a custodian, receiver or trustee for him or for a substantial part of his assets, (ii) has commenced any proceeding under any bankruptcy, reorganization, readjustment of debt, dissolution, or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or (iii) has pending any such petition, application or proceeding.
Examples of In Bankruptcy in a sentence
Advances At The End Outstanding Of The Current Period Status of Loan 40 AN 1 See Status Of Loan Legend In Bankruptcy 41 AN Y Bankruptcy Status Of Loan (If In Bankruptcy "Y".
Petition In Bankruptcy - An official document filed in a Federal court to have a debtor declared bankrupt.
A Mortgage that (a) is In Bankruptcy as of the Closing Date and (b) is current in accordance with the terms of the related Note on the Closing Date and on the Transfer Date.
In Bankruptcy Cases where the Chapter 13 Trustee is making post- petition payments to the Company, the Company issued a refund in the amount of the overpayment to the Chapter 13 Trustee.
Owner shall promptly reimburse Servicer for any and all attorneys’ fees and expenses for Mortgage Loans In Bankruptcy.
Joint Operating Agreements and Joint Development Agreements In Bankruptcy Interplay between real property and contract rights.
Except as set forth on Schedule 3.1(l)(1) or Schedule 3.1(l)(2), no Mortgage Loan is Delinquent, In Forbearance, In Foreclosure or In Litigation and no Mortgagor is In Bankruptcy.
With respect to any Mortgage Loan that is In Bankruptcy, Seller shall also notify the Bankruptcy Trustee for such Mortgagor (if different than the Mortgagor) of the transfer of Servicing Rights hereunder.
More Definitions of In Bankruptcy
In Bankruptcy. Describes a Mortgage Loan with respect to which the Mortgagor: (i) has made an assignment for the benefit of creditors or petitioned or applied to any tribunal for the appointment of a custodian, receiver or trustee for him or for a substantial part of his assets; (ii) has commenced any proceeding under any bankruptcy, reorganization, readjustment of debt, dissolution, or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or (iii) has pending against him any such petition, application or proceeding. In Foreclosure: Describes a Mortgage Loan with respect to which a foreclosure proceeding, sale under power of sale proceedings, or other proceedings for the acquisition of title to the Mortgaged Property based upon a default by the Mortgagor, have been instituted and are pending or have been completed, or a deed in lieu of foreclosure has been accepted or is pending, or a Mortgage Loan that that has been referred to an attorney for the commencement of any such proceedings.
In Bankruptcy. With respect to any Mortgage, a voluntary or involuntary petition under Title 11 of the United States Code, or a proceeding under similar laws for the relief of debtors, that has been filed by or against a mortgagor, guarantor or other person or entity who presently holds title to the Collateral. The status In Bankruptcy shall continue with respect to a Mortgage until the Collateral is released from the jurisdiction of the bankruptcy or other court in which the matter is pending, regardless of whether the proceeding has been dismissed or otherwise concluded.
In Bankruptcy means with respect to a Mortgage Loan that the related Mortgagor has sought relief under or has otherwise been subjected to the federal bankruptcy laws or any other similar laws of general application for the relief of debtors through the institution of appropriate proceedings, and such proceedings are continuing, and shall continue until the related Mortgaged Property is released from the jurisdiction of the bankruptcy or other court in which the matter is pending, regardless of whether such proceeding is dismissed, finally concluded, or otherwise. The term "In Foreclosure" shall mean, as to any Mortgage Loan, that the first action necessary to be taken to commence proceedings in foreclosure or a sale under power of sale under the law of the state wherein the Mortgage is to be enforced, has been taken. The term "In Litigation" shall mean a legal action in foreclosure of a Mortgage Loan, or for a deficiency thereunder, in which the sale of the Mortgaged Property in foreclosure (whether by action, power of sale, or otherwise) has been delayed by reason of the defense of such action by the Mortgagor, or any other action commenced or pending which involves the Mortgage Loan, including a formal complaint filed with a federal or state government or regulatory agency.
In Bankruptcy means with respect to a Mortgage Loan that the related Mortgagor has sought relief under or has otherwise been subjected to the federal bankruptcy laws or any other similar laws of general application for the relief of debtors through the institution of appropriate Proceedings, and such Proceedings are continuing, and shall continue until the related Mortgaged Property is released from the jurisdiction of the bankruptcy or other court in which the matter is pending, regardless of whether such Proceeding is dismissed, finally concluded, or otherwise. The term "IN FORECLOSURE" shall mean, as to any Mortgage Loan, that the first action necessary to be taken to commence Proceedings in foreclosure or a sale under power of sale under the law of the state wherein the Mortgage is to be enforced, has been taken, and such Proceedings are continuing, or should have been taken in accordance with applicable Investor standards. The term "IN LITIGATION" shall mean a legal action in foreclosure of a Mortgage Loan, or for a deficiency thereunder, in which the sale of the Mortgaged Property in foreclosure (whether by action, power of sale, or otherwise) has been delayed by reason of the defense of such action by the Mortgagor, or any other action commenced or pending which involves the Mortgage Loan. The term "REO