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Many mortgage lenders require borrowers to have a homeowners insurance policy with a mortgagee clause. The mortgagee clause is a provision that protects the lender from financial loss if the ...
A single missed insurance bill, failed automatic payment or an outdated mortgagee clause listed on policy documents are all possible reasons for a lapse, but the result is the same and could ...
It could be that your lender did not receive a bill if your mortgagee clause listed on your homeowners insurance policy was incorrect or outdated. Nonrenewal of home insurance coverage.
The clauses are found in maritime insurance in relation to insuring mortgaged vessels. When selling land via a land contract, the seller may require the buyer to include a loss payee clause in their insurance policy to protect the seller's ongoing interest in the property until the contract is concluded. [1]
[1] [2] Acceleration clauses are most prevalent in mortgages and similar contracts to purchase real estate in installments. In a mortgage contract, activation of an acceleration clause may operate as a precursor to a foreclosure action through which a lender may legally compel the sale of the property that the borrower acquired by using the ...
All mortgages are potentially assumable, though lenders may attempt to prevent the assumption of a mortgage loan with a due-on-sale clause. Certain mortgage types are irrefutably assumable, such as those insured by the FHA, guaranteed by the VA, or guaranteed by the USDA. As of 2014, FHA and VA assumable mortgages make up approximately 18%, or ...
You may see a “loss payee clause” or a “mortgage clause” listed when you take out your home insurance policy. In this case, both your name and the lender may be listed on the claim check ...
An acceleration clause is a section of a mortgage contract that can have big consequences: Namely, it can require you to pay off your entire mortgage at once. Even if you miss only one payment ...