Subject to Mortgage


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Subject to Mortgage

An agreement in which the owner of real estate transfers to another party the right to use the property, in exchange for which the other party makes mortgage payments to the lender. Neither the property nor the legal obligation to make the payments transfers. This is a high risk endeavor for the owner: if the other party stops paying, the lender must collect from the current owner. However, the owner maintains title to the property.
References in periodicals archive ?
In the past 12 months, 1,392 homes in the city were subject to mortgage repossession or eviction court orders -In the past 12 months, 1,392 homes in the city were subject to mortgage repossession or eviction court orders as tenants and mortgage-payers strug-TURN TO PAGE 2 TURN TO PAGE 2 gled to meet their financial obligations.
And it can be the subject to mortgage both on obtaining credit funds in the commercial bank and refinancing in the central bank .
The Company no longer originates mortgage loans, maintains lending warehouse lines, or is subject to mortgage banking regulatory oversight.
The Tax Court held only a transfer of property subject to mortgage or lien is a sale or exchange for purposes of the prohibited transaction rules.
Qualified applicants are not subject to mortgage insurance or a minimum credit score.
The properties are owned by 166 separate partnerships, subject to mortgage loans totaling $1.
In pursuit of its planned reorganization, North Lily has signed a letter agreement with a lender interested in marketing and providing financing for North Lily's approximate 7000 acres of rural Utah properties (some of which are subject to mortgage defaults).
Thereafter, Class M certificates will begin receiving an increasing percentage of prepayments, subject to mortgage loan delinquency and default tests.
The community was previously owned by the company subject to mortgage indebtedness which was repaid upon closing of the sale/leaseback.