INTRODUCTION TO POLITICAL PARTIES Women and Political Parties
PARTIES TO A MORTGAGE
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PARTIES TO A MORTGAGE • Mortgagor – The property owner who has borrowed money to purchase property and has, in turn, given the lender a mortgage. The Mortgagor is typically the named insured. • Mortgagee – The bank or lender whose interest in the property is secured by the mortgage.
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PARTIES TO A MORTGAGE. Mortgagor – The property owner who has borrowed money to purchase property and has, in turn, given the lender a mortgage. The Mortgagor is typically the named insured. Mortgagee – The bank or lender whose interest in the property is secured by the mortgage. - PowerPoint PPT Presentation
Transcript of PARTIES TO A MORTGAGE
PARTIES TO A MORTGAGE
• Mortgagor – The property owner who has borrowed money to purchase property and has, in turn, given the lender a mortgage.
The Mortgagor is typically the named insured.
• Mortgagee – The bank or lender whose interest in the property is secured by the mortgage.
FORECLOSURE
• Judicial ForeclosureRequires filing of lawsuit when mortgage does not contain Power-of-Sale Clause.
• Non-Judicial ForeclosurePower-of-Sale Clause gives lender the power
to sell the property without a lawsuit.
MN – 8 week Notice of Sale must be provided.
• Right-of-RedemptionMN – Borrowers have up to one year to
redeem by paying the past-due amount.
MORTGAGEE’S DUTIES
• Notify the insurer of any change in ownership.• Notify the insurer of any change in occupancy.• Notify the insurer of any substantial change in
risk.• Pay any premium due on demand if the
insured has neglected to pay the premium.• Submit a signed, sworn Statement of Loss if
requested.
IMPACT OF FORECLOSURE BEFORE LOSS & AFTER LOSS
• Foreclosure After Loss
“Full Credit Bid” vs. Bid For Less Than
The Unpaid Mortgage Debt
• Foreclosure Before Loss
Extent of Recovery – Full Amount of
Loss Up To Policy Limits
