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n a right given to the creditor over the property of the debtor for the security of the debt; invests the creditor with the power to have the property seized and sold in default of payment.
References in periodicals archive ?
That takes us to the present day, six years since the last mortgagee letter updating preservation guidance.
This tactic also assumes a prolonged foreclosure process for the first mortgagee, as a swift foreclosure would extinguish the second mortgage before any meaningful appreciation could occur.
The Property Law now tackles many issues which had previously been of concern to property financiers and mortgagees within the Abu Dhabi market, particularly in the areas of off plan financing and mortgage enforcement.
There the application of this principle was held to justify the disposal (by consignment to refuse facilities) of self-evidently low-value goods left on the premises despite repeated instructions from the incoming mortgagee that they be removed.
Mortgagees should not order new Case Numbers under this temporary authority until they have confirmed in FHA Connection that the previous Case Number has been cancelled.
However, the task force did suggest that where a mortgage was invalid because the instrument creating the mortgage was forged, the title registration system should compensate the innocent mortgagee.
Under the PLA, in order for a subsequent mortgagee to claim priority over further advances made under a prior mortgage, it must provide actual notice to the first mortgagee of the registration of the subsequent mortgage.
No individual may be forced by a mortgagee to contract out of these statutory rights.
Notify the insurer of any change in ownership, occupancy, or substantial change in risk of which the mortgagee is aware.
If at some future date the mortgagee decided to sell the property the original 25% tax payer investment or 25% of the selling price (whichever is greater) would become immediately repayable above and beyond any debt owed to the mortgage company, thus ensuring the tax payer's investment is safeguarded against property values declining even further, and enhanced should property values increase in the future.
The mortgage law includes all procedures concerning a mortgage and its legal effects on the concerned bodies, as well as execution procedures for the mortgaged property and proper conduct between the mortgagee bank and the borrower.
One legal aid attorney said judges should more carefully scrutinize eviction cases where a mortgagee is the plaintiff and delay the case until mortgagees provide proof that tenants won't be displaced.