The allocation of credit risk across
mortgage holders, insurers, and purchasers depends on underlying assumptions about risk-mitigation activities, business relationships, loan-to-value ratio distributions, default rates, and loss severity rates.
Good intentions are fine, but if city officials believe a $5,000 bond should be posted as part of a foreclosure filing, they must rewrite the language of that regulation to make clear that
mortgage holders must be responsible for those bonds, and cannot pass them along to customers.
But by looking at condominium foreclosures by
mortgage holders - in which it is probable that the condo association is looking to recoup unpaid condo fees - I can safely guess that foreclosures by condominium associations are on the rise.
MORTGAGE holders with accounts at Northern Rock will be encouraged to move to another lender as the bank looks to slim down.
He is also head of the Irish
Mortgage Holders Organisation which advises those struggling to pay for their homes.
The bad news is your new
mortgage holder will likely be much more aggressive in asserting the rights of your lender, which may lead to a flurry of legal activity.
They want you to believe that concerns about adequacy of cash-flow to service all debt, or worries about the ability of the bankruptcy of a junior mortgagee to prevent a senior
mortgage holder from foreclosing on collateral, are totally irrelevant.
If an owner loses a building to a
mortgage holder, are the tenants protected under terms of their existing leases?
General Electric Credit Corp, the second
mortgage holder on formerly bankrupt 100 E.42nd Street, bought out Prudential's $8 million first mortgage for 11 cents on the dollar, and General Electric Credit Corp.
Thus, this grim situation looks hopeless, with the
mortgage holder seriously considering foreclosing on the property to stem its losses while the cooperative development contemplates filing a bankruptcy petition in an attempt to preserve the cooperative status of the property.
There, the
mortgage holder gets control of both the former owner's shares of ownership in the building and the lease, and immediately becomes responsible for the unit's share of maintenance expenditures including past due balances and legal costs related to the foreclosure.
This is because most landlords provide in their leases that, if the holder of the mortgage acquires the property by foreclosure, such
mortgage holder can terminate the lease and evict the tenant.
