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Many mortgage lenders require borrowers to have a homeowners insurance policy with a mortgagee clause. ... For example, say you buy a house for $500,000 with a $100,000 down payment and a $400,000 ...
Such clauses are common where the insured property is subject to a mortgage or other security interest and the mortgagee, usually a bank, requires the property be insured and that such a clause be included. The clauses are found in maritime insurance in relation to insuring mortgaged vessels.
For example, a policy may offer ... You will want to make sure the correct mortgagee clause is listed on your homeowners insurance policy so that your property insurer knows where to send your ...
The mortgagee is the lender, such as a bank, credit union or online lender. This is the entity providing the funds via a mortgage to buy a home. The mortgagee determines if the mortgagor qualifies ...
Foreclosure of chattel mortgages (mortgage of movable property) are governed by Sec. 14 of Act No. 1506, which gives the mortgagee the right to sell the chattel at a public sale. It has also been held that as regards chattel mortgages, the law does not prohibit that the foreclosure sale be done privately if it is agreed upon by the parties.
An example is the purchase of a new vehicle; the clause allows the vehicle to be covered for a short period of time until the owner can notify the insurance company of the purchase and provide the vehicle information (along with any vehicles that were traded in and thus to be removed from the policy).
When setting up your insurance policy, you’ll need to provide a mortgagee clause, indicating that the lender is an interested party in the property. Your loan officer can provide this ...
In mortgages, an attornment clause is a clause whereby the mortgagor attorns tenant to the mortgagee, thus giving the mortgagee the right to distrain, as an additional security. [1] As used in modern legal transactions, the term attornment refers to an acknowledgment of the existence of the relationship of landlord and tenant. [1]