Second Mortgage Loan definition

Second Mortgage Loan. A Home Equity Loan which constitutes a second priority mortgage lien with respect to the related Property.

Second Mortgage Loan means a Mortgage Loan secured by a Second Mortgage.

Second Mortgage Loan. A Mortgage Loan that is secured by a second lien on the Mortgaged Property securing the related Mortgage Note.

Examples of Second Mortgage Loan in a sentence

• The Super Second Mortgage Loan is subject to other terms and conditions.

• The Servicer must notify any superior lienholder in writing of the existence of the Second Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder.

• The first mortgage loan application (offered by the first mortgagee bank) and the Super Second Mortgage Loan application shall be approved by the relevant mortgagees independently.

• The first mortgagee bank shall be nominated and referred by the designated financing company and the Purchaser shall obtain prior consent from the first mortgagee bank to apply for the Super Second Mortgage Loan.

• Only those Loans fully complying with the standards for Conforming Conventional, Jumbo Conventional, Government and Second Mortgage Loan Programs set forth in the Mortgage Programs section of the Manual are eligible for purchase under this Agreement.

More Definitions of Second Mortgage Loan

Second Mortgage Loan. The term "Home Equity Loan" includes any Home Equity Loan which is Delinquent, which relates to a foreclosure or which relates to a Property which is REO Property prior to such Property's disposition by the Trust. Any home equity loan which, although intended by the parties hereto to have been, and which purportedly was, transferred and assigned to the Trust by the Depositor, in fact was not transferred and assigned to the Trust for any reason whatsoever, including, without limitation, the incorrectness of the statement set forth in Section 3.04(b)(x) hereof with respect to such home equity loan, shall nevertheless be considered a "Home Equity Loan" for all purposes of this Agreement.

Second Mortgage Loan. The term "Mortgage Loan" includes any Mortgage Loan which is Delinquent, which relates to a foreclosure or which relates to a Property which is REO Property prior to such Property's disposition by the Trust. Any mortgage loan which, although intended by the parties hereto to have been, and which purportedly was, transferred and assigned to the Trust by the Company, in fact was not transferred and assigned to the Trust for any reason whatsoever shall nevertheless be considered a "Mortgage Loan" for all purposes of this Agreement.

Second Mortgage Loan means a Mortgage Loan secured by a Mortgage constituting a second lien on real property.

Second Mortgage Loan. Any Mortgage Loan that is secured by a second lien on or second priority security interest in the related Mortgaged Property.

Second Mortgage Loan means a Mortgage Loan that is underwritten in conformity with underwriting standards approved by the applicable Investor and is secured by a second priority Mortgage.

Second Mortgage Loan means an obligation secured by a Second Mortgage on real property located in the State, including Down Payment Assistance Loans, second in priority only to a Mortgage Loan (such definition and use of such term in this Origination Agreement shall not be applicable to a MCC stand-alone product or any other Program which does not provide down payment assistance).

Second Mortgage Loan means an obligation secured by a Second Mortgage on real property located in the State, including Down Payment Assistance Loans, second in priority only to a Mortgage Loan.