Secondary mortgage loan means a loan that has a term of 90 days or more; that is made to a person for personal, family, or household purposes; and that is secured by a mortgage on an interest in real property that is used as a dwelling and is subject to a lien of 1 or more outstanding mortgages. A secondary mortgage loan may be secured by other collateral in addition to real property. Notwithstanding the place of execution, nominal or real, of a secondary mortgage loan, if the real property that secures the loan is located in this state, a secondary mortgage loan is subject to this act and all other applicable laws of this state.
Secondary mortgage loan means a residential mortgage loan that is secured, in whole or in part, by a mortgage, provided such property is subject to one or more prior mortgages;
Secondary mortgage loan means (A) a loan or an extension of credit, including, but not limited to, an extension of credit pursuant to a contract or an assigned contract for the sale of goods or services, made to a person, the proceeds of which are to be used primarily for personal, family or household purposes, and which is secured in whole or in part by a mortgage upon any interest in one-to-four-family residential owner-occupied real property located in this state, provided such real property is subject to one or more prior mortgages, and (B) the renewal or refinancing of any existing loan or extension of credit described in subparagraph (A) of this subdivision;
Examples of Secondary mortgage loan in a sentence
As used in this article: 2 (1) "Secondary mortgage loan" means a loan made 3 to an individual or partnership which is secured in whole 4 or in part by a mortgage or deed of trust upon any inter- 5 est in real property used as a dwelling with accommoda-6 tions for not more than four families, which property is7 subject to the lien of one or more prior recorded.
Balance to be renegociated in 10 yrs capital instalments of $25,000, maturing in September 2011 820,967 836,813 Secondary mortgage loan, following plant acquisition, $399,750 par value, representing the balance of sale, secured by the plant, fixed interest rate of 10.25%, payable in 5 years, monthly principal instalments of $8,501.
Balance to be renegociated in 10 yrs 828,967 836,813 Secondary mortgage loan, $399,750 par value, representing the balance of sale, secured by the plant, fixed interest rate of 10.25%, payable in 60 monthly capital instalments of $8,501.
More Definitions of Secondary mortgage loan
Secondary mortgage loan means a loan made to an individual,
Secondary mortgage loan means a loan that is:
Secondary mortgage loan means a loan made to an individual, association, joint venture, partnership, limited partnership association, limited liability company, trust, or any other group of individuals, however organized, except a corporation, which is secured in whole or in part by a lien upon any interest in real property, including but not limited to shares of stock in a cooperative corporation, created by a security agreement, including a mortgage, indenture, or any other similar instrument or document, which real property is subject to one or more prior mortgage liens and on which there is erected a structure containing a one, two, three, or four family dwelling, as defined in section [103(v) of the Truth in Lending Act, Pub.L.90-321 (15 U.S.C. s.1602(v))] 103(w) of the Truth in Lending Act, Pub.L.90-321 (15 U.S.C. s.1602(w)), a portion of which structure may be used for nonresidential purposes[, except that the following loans shall not be subject to the provisions of this act: (1) a loan which is to be repaid in 90 days or less; (2) a loan which is taken as security for a home repair contract executed in accordance with the provisions of the "Home Repair Financing Act," P.L.1960, c.41 (C.17:16C-62 et seq.); or (3) a loan which is the result of the private sale of a dwelling, if title to the dwelling is in the name of the seller and the seller has resided in that dwelling for at least one year, if the buyer is purchasing that dwelling for his own residence and, if the buyer, as part of the purchase price, executes a secondary mortgage in favor of the seller].
Secondary mortgage loan means (A) a loan or an extension of
Secondary mortgage loan means a loan or deferred purchase price secured in whole or in part by a mortgage, deed of trust, security agreement, or other lien on real property located in the State, which property: (i) Is subject to the lien of one or more prier encumbrances, except a ground rent or other leasehold interest; and (ii) Has a dwelling on it designed principally as a residence with accommodations for not more than four families.
Secondary mortgage loan means a loan that is: (a) secured in whole or in part by an interest, including a lien or security interest, in real property that is: (i) improved by a dwelling designed for occupancy by four or fewer families; and (ii) subject to one or more liens, security interest, prior mortgages, or deeds of trust; and (b) not to be repaid before the 91st day after the date of the loan.” (V.T.C.A., Finance Code §342.001[4])
Secondary mortgage loan means a residential mortgage