If this Company shall claim that no liability existed as to the mortgagor or owner, it shall, to the extent of payment of loss to the mortgagee
, be subrogated to all mortgagee
's rights of recovery, but without impairing mortgagee
's right to sue; or it may pay off the mortgage debt and require an assignment thereof and of the mortgage.
The taxpayer sells the personal residence and remits proceeds to the mortgagee
. The taxpayer may sell the residence to a third party at a price below market but in excess of the outstanding debt, including accrued interest and penalties.
(12) The result is a temporal gap between the closing and the clearance of record title--even when all parties are acting in good faith and there is no question about the identity of the mortgagee
or the location of the loan documents.
"A conflict also remains among jurisdictions as to whether it is a restriction on a policy to require a post-loss assignment of benefits be conditioned upon the consent of parties with valid, vested interests in the property, like mortgagees
Q: What is the degree of care required when a mortgagee
deals with a person who is not the registered owner of the property?
While not imposing a duty to obtain an expert appraisal for every foreclosure sale, the Appeals Court held that, prior to conducting a foreclosure sale, the mortgagee
must in some way ascertain the fair market value of the property in order to satisfy its duty of good faith and reasonable diligence in selling the property.
It also introduced the concept of one mortgagee
compliance manager (MCM) designed to help eliminate the varying opinions and interpretations by the prior management and marketing contractors, further continuing the concept of standardization across the country and moving away from state and local variations.
The SBA [(as second mortgagee
)] admits the banks' power to foreclose and annihilate the SBA lien.
Rather than holding the individual homeowner responsible, the Chula Vista Model holds the mortgagee
responsible for registering and maintaining the property once it has initiated foreclosure proceedings.
On appeal Mr and Mrs Da Rocha argued that section 9 of the Mortgage Conditions set out certain trigger events and that those trigger events were all encompassing, leaving no further option for the mortgagee
. They submitted that the primary judge failed to refer to the specific procedure in section 9 and should have held that that which was right and reasonable could have been discharged only by full compliance with section 9 of the Mortgage Conditions.
- View the reissued version of Mortgagee
If the second mortgage was unsecured it would not be subject to the anti-modification provision of Chapter 13 bankruptcy and would be paid in accordance with other unsecured creditors--a less favorable position for the mortgagee