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Can a mortgagee use a cross default clause in a note for authority to foreclose on a deed of trust?
Wiki User
∙ 14y ago
This is not the proper venue for a request that a legal opinion be rendered. Consult with a qualified banker or attorney skilled in real estate and contract law.
Wiki User
∙ 14y ago
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Is a mortgagee clause considered a lien?
No. The mortgage is a lien. The mortgagee clause generally refers to a provision in the homeowner's insurance policy providing that loss to mortgaged property is payable to the mortgagee named in the policy and promises advance written notice to the mortgagee of policy cancellation.
Where does the borrower authorize the lender to foreclose?
The homeowners and lender sign a note and a Mortgage or Deed of Trust to create a security interest in the real estate. The right to foreclose in the case of a default is set forth in the mortgage clause entitled "Power of Sale".
What is the mortgage clause for jp Morgan chase bank?
The mortgage clause for JP Chase Bank offers mortgage name and address listed as loss payee under the mortgagee clause.
What is the mortgagee Clause for J P Morgan Chase?
The mortgagee clause for JP Morgan Chase is, JPMorgan Chase Bank for most instances. The exception is for hazard and flood insurance. In this case it is, Chase Home Finance LLC.
What is the mortgagee clause for PHH Mortgage Corporation?
There are several different mortgages available. Each type of mortgage has dozens of different clauses. A mortgage clause can be a remedy to a specific situation.
What does amended the mortgagee clause mean?
It means your mortgage company/loan ownership has changed. Your loan may have been sold and now the entity holding the lien on your property's "legal name" has changed. Or, your original mortgage company may have merged or been bought out -hence the entity's legal name change.
What is the clause that permits lender to declare unpaid balance upon default?
acceleration clause
What is the mortgagee clause for quicken loans?
Quicken Loans Inc. ISAOA P.O. Box 717 Amelia, OH 45102
What is the mortgagee clause for Associated Bank?
It's best to call their Customer Service Department to get that information. Depending on the type of loan, the mortgagee clause may vary. Their staff can look up your loan and give you the information that you need. They're there 24 hours a day, seven days a week at 800-236-8866.
Why would you waive your right of homestead?
You would waive your right of homestead if you want to refinance your home. A bank will not loan money on property that is subject to a right of homestead. It could not foreclose if there was a default and a homestead was in effect. The boilerplate language in mortgages contains a clause that the signer is waiving rights of homestead in the property.
What Constitutional clause gave Congress the authority to pass the laws it needs to carry out its responsibilities?
The necessary and proper clause
Constitutional provisions grants Congress authority to choose the means to exercise its delegated authority?
The Necessary and Proper Clause
