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A loan agreement (also known as a lending agreement [1]) is a contract between a borrower and a lender which regulates the mutual promises made by each party.
An installment loan is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; [1] normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A mortgage loan, for example, is a type of installment loan.
The legal provision in the loan agreement providing for the loan to be "called" is the "acceleration clause": once the buyer defaults, all future payments due under the loan are "accelerated" and deemed to be due and payable immediately. [1] Covenants may also be waived, either temporarily or permanently, usually at the sole discretion of the ...
In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money.
An acceleration clause, also referred to as a “demand feature,” is a provision in your mortgage contract that allows the lender to require a full repayment of the loan.
The term "loan contract" is often used to describe a contract that is lengthy and detailed. A promissory note is very similar to a loan. Each is a legally binding contract to unconditionally repay a specified amount within a defined time frame. However, a promissory note is generally less detailed and less rigid than a loan contract. [6]
2. Loan modification. A loan modification permanently changes the interest rate, term or both on your mortgage. This option is best for borrowers who know they won’t be able to afford their ...
A mortgage loan modification is a solution for borrowers facing long-term financial hardship. If you’re struggling to make your mortgage payments and don’t foresee changes to your income, work ...
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