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Second Mortgage with Mortgagor's Recertification of Representations...

Orange California Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage

Name: Orange California Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage
Brand: US Legal Forms
Rating: 4.8 (300 reviews)

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

County:

Orange

Control #:

US-0385BG

Format:

Instant download

Description

A second mortgage is a lien on a property which is subordinate to a more senior mortgage or loan. Called lien holders positioning the second mortgage falls behind the first mortgage. This means second mortgages are riskier for lenders and thus generally come with a higher interest rate than first mortgages. This is because if the loan goes into default, the first mortgage gets paid off first before the second mortgage. Commercial loans can have multiple loans as long as the equity supports it.

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How to fill out Orange California Second Mortgage With Mortgagor's Recertification Of Representations, Warranties And Covenants In First Mortgage?

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FAQ

You may want to pay off your mortgage before the end of your term to sell your property or remortgage to a better deal elsewhere. Or you may have some money available and simply want to be mortgage free sooner. Paying off your loan early in this way is called 'redeeming' your mortgage.

It is a claim relating to past facts or existing circumstances that the lender relies on when entering the contract. For example, you could make a representation that you have full ownership over an asset which you have offered as collateral in a secured loan.

More Definitions of Interim Servicing Period Interim Servicing Period . With respect to any Mortgage Loan, the period during which the Company shall service the Mortgage Loans in accordance with the provisions of this Agreement, commencing on the related Closing Date and ending on the related Servicing Transfer Date.

Representations and warranties are assertions or assurances given by the parties to the agreement. While most purchase agreements contain representations and warranties from seller and buyer, the seller representations and warranties typically are the most extensive and more important.

It is an essential feature of every mortgage that the mortgagor has a right to discharge the mortgage in payment of the debt or performance of the obligation for which security was given. That right, the right of redemption or the right to redeem, can arise contractually so long as the mortgagor is not in default.

The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions.

With a JUA, an insurance agent is generally assigned one of several servicing carriers. The agent then submits applications to that servicing carrier, which then issues the JUA policy. Servicing carriers are insurance companies that have agreed, for a fee, to issue and service JUA policies.

The handling of an account, as a mortgage serviced by a mortgage banker. The periodic, routine maintenance of household items.

Loan servicing includes sending monthly payment statements, collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow funds), remitting funds to the note holder, and following up on any delinquencies.

After a loan closes, the lender typically sells the loan to an investor or services the loan for an interim period before selling it. If you service a loan, use the Interim Servicing Worksheet to view and manage interim servicing transactions, such as loan payments and escrow disbursements.

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Development thereof, subject to the rights of the First Mongage and the Second Mortgage. Alternatively, the seller may provide financing in the form of a purchase-money mortgage or in another form.Participate in the Low Interest Rate Mortgage Program. (b). Second Closing, including the Transfer of the Loan Pham Lease, is recorded in the official records of the Orange County Recorder. The IHDA Mortgage rider must be recorded with the 1st mortgage. Effect of this Agreement on the Original Credit Agreement and the Other Existing Loan Documents, 60. Section 2. 2 Representations and Warranties of the Developer. Plaintiffs first learned about ING through their mortgage broker, Jim Wasieleski.

Orange California Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage

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How to fill out Orange California Second Mortgage With Mortgagor's Recertification Of Representations, Warranties And Covenants In First Mortgage?

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FAQ

What does it mean to redeem the mortgage?

What is a representation in banking?

What is interim servicing?

What are representations and warranties?

What is the right to redeem a mortgage?

What does it mean to redeem a property?

What does Servicing mean in insurance?

What does Servicing mean in real estate?

What does active servicing mean in mortgage?

What is interim mortgage servicing?

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