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The mortgagee clause is a provision that protects the lender from financial loss if the mortgaged property is substantially damaged or destroyed.
A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy. Such clauses are common where the insured property is subject to ...
Mortgage assumption. Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming party is qualified under lender or guarantor guidelines. [ 1] All mortgages are potentially assumable, though lenders may attempt to prevent the assumption of a ...
Key takeaways. The mortgagor is the person or entity who borrows and pays back a mortgage loan. If you're getting a mortgage to buy a home, you're the mortgagor. The mortgagee is the lender, such ...
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.
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]
Estoppel certificate. An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and ...
Get a piggyback mortgage: Instead of getting one mortgage, you could have two. This is most often done in what’s called an 80/10/10 split , with an 80 percent first mortgage, 10 percent second ...