Maine Sample Subsequent Mortgage Loan Purchase Agreement of Ameriquest Mortgage: A Detailed Description The Maine Sample Subsequent Mortgage Loan Purchase Agreement of Ameriquest Mortgage is a legally binding contract specific to mortgage loan transactions in the state of Maine. This agreement outlines the terms and conditions under which Ameriquest Mortgage, a prominent mortgage lender, purchases subsequent mortgage loans from borrowers. The primary objective of this agreement is to establish a comprehensive framework that governs the purchase of mortgage loans by Ameriquest Mortgage, ensuring both parties adhere to the specified terms. The agreement functions as a safeguard, protecting the rights and interests of both the lender and the borrower. Keywords: Maine, Sample, Subsequent Mortgage Loan, Purchase Agreement, Ameriquest Mortgage Key components of the Maine Sample Subsequent Mortgage Loan Purchase Agreement include: 1. Definitions: This section clearly outlines the terminology used throughout the agreement, ensuring a common understanding between the parties involved. Definitions may include terms such as "Lender," "Borrower," "Principal Balance," "Interest Rate," or any other relevant terms unique to mortgage loan transactions. 2. Purchase and Sale of Mortgage Loans: This clause lays out the terms and conditions governing the sale of subsequent mortgage loans by the borrower to Ameriquest Mortgage. It covers aspects such as the loan identification number, the purchase price, representations, and warranties made by the borrower regarding the loan, and any necessary loan documentation that must accompany the transaction. 3. Conditions Precedent: This section establishes the conditions that must be met before the purchase agreement becomes effective. It may include requirements like satisfactory completion of due diligence, approval by the lenders' legal counsel, and execution of all necessary legal documents. 4. Representations and Warranties: This clause delineates the representations and warranties made by both the lender and the borrower. Representations may cover matters such as the validity of the loan documentation, accuracy of financial statements, compliance with applicable laws and regulations, and absence of any litigation or claims that could affect the mortgage loan. 5. Remedies and Indemnification: In the event that any party breaches the terms of the agreement or fails to deliver on their representations and warranties, this section outlines the available remedies and indemnification provisions. It may specify the rights of the non-breaching party to seek damages, reimbursement of legal costs, or specific performance. Additional Types of Maine Sample Subsequent Mortgage Loan Purchase Agreements of Ameriquest Mortgage may include: 1. Refinance Loan Purchase Agreement: Specific to subsequent mortgage loans resulting from loan refinancing transactions. 2. Second (Junior) Mortgage Purchase Agreement: Pertains to subsequent mortgage loans where Ameriquest Mortgage acquires a second mortgage position on the borrower's property. 3. Assumable Mortgage Purchase Agreement: This type of agreement applies to subsequent mortgage loans, which Ameriquest Mortgage purchases when a borrower assumes an existing mortgage. In conclusion, the Maine Sample Subsequent Mortgage Loan Purchase Agreement of Ameriquest Mortgage is a comprehensive legal document that regulates the purchase of subsequent mortgage loans in Maine. It serves as a protection mechanism for both parties involved, ensuring a transparent and fair transaction. By addressing various aspects such as definitions, purchase and sale terms, conditions precedent, representations and warranties, and remedies, this agreement aims to provide clarity and mitigate risks associated with mortgage loan transactions.
Maine Sample Subsequent Mortgage Loan Purchase Agreement of Ameriquest Mortgage
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FAQ
A loan purchase agreement is an agreement between a lender and borrower that states how a secured financial asset, such as real estate or equipment, will be purchased. The buyer of this type of security agrees to buy the asset at some point for an agreed-upon price.
On September 9, 2007, Argent Mortgage was sold to Citi for an undisclosed amount. Argent was renamed Citi Residential Lending. Citi Residential Lending operated for several months before it was shut down. On September 10, 2007, Ameriquest stopped accepting loan applications.
Since we don't need documents up front, we can typically have your preapproval letter ready within minutes, sometimes instantly, after you submit your application. Though a preapproval provides an estimate of how much you can borrow, it's not a commitment to lend.
Status: CLOSED. Long Beach was closed by Washington Mutual in 2007. History: Originally a California-based savings and loan, founded in 1979, Long Beach Bank became a federally chartered thrift institution in 1990. In October 1994, it became Long Beach Mortgage Co.
On September 1, 2007, Citigroup completed its acquisition of Argent Mortgage and AMC Mortgage Services, shutting down Ameriquest Mortgage.
Employer Identification No.) 1100 TOWN & COUNTRY ROAD, SUITE 1100 ORANGE, CALIFORNIA 92868 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (714) 541-9960 Item 5.
How to Write a Mortgage Deed Step 1 ? Fill In the Effective Date. ... Step 2 ? Enter Borrower and Lender Details. ... Step 3 ? Write Loan Information. ... Step 4 ? Fill In Property Details. ... Step 5 ? Identify Assigned Rents. ... Step 6 ? Enter Acceleration Upon Default. ... Step 7 ? Choose the Power of Sale Option.
The "lender" is the financial institution that loaned you the money. The lender owns the loan and is also called the "note holder" or "holder." Sometime later, the lender might sell the mortgage debt to another entity, which then becomes the new loan owner (holder).