Experience our Lending Process. Purchasing or selling a home is a complex and tedious process. At The Mortgage Firm, we’ve earned a stellar reputation among real estate professionals, builders, and individual home buyers throughout Florida and Georgia for simplifying the process.
The Mortgage Firm made the process of refinancing our home clean and easy. They answered any and all questions or concerns quickly. Everyone at The Mortgage Firm were professional and courteous. Thank you for making this process easy and worry free. Francesco D.
A mortgagee clause is simply how the lender wants their name and address to appear on legal documents. I shouldn't say simply, because lenders are very picky to make sure everything is perfect ...
A mortgagee clause is a clause in a property insurance policy which states that the property insurance company will pay out any claims to both the mortgagor (mortgage holder) and the mortgagee (mortgage lender). Typically, under a mortgagee clause, it is specified that the mortgagee, usually a bank, will still receive an insurance payout in the ...
The court overruled its prior inconsistent statements and held that mortgage foreclosure proceedings are quasi in rem actions, so that a mortgagee must name a personal representative for a deceased mortgagor in a foreclosure proceeding for the circuit court to acquire subject matter jurisdiction.
Legal definition of mortgage clause: a clause in an insurance contract (as for fire insurance) that entitles a named mortgagee to be paid for damage or loss to the property.
A standard mortgage clause (also called a union mortgage clause) is an insurance provision that covers the mortgage lender but not the borrower for a loss involving the mortgaged property. This clause protects the lender in the event that the borrower intentionally damages the property.
A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the "Wrap Around" mortgagee, who then forwards the payments on the first mortgage to the first mortgagee.
Types of Mortgage Clauses. STUDY. PLAY. Terms in this set (...) Defeasance Clause. ... Gives the lender the right to declare the entire loan amount due immediately because of a borrower's default or other reasons stated in the contract. Partial Release Clause.
Mortgagee Clause Definition A property insurance provision granting special protection for the interest of a mortgagee (e.g., financial institution that has an interest in the property) named in the policy, in effect setting up a separate contract between the insurer and the mortgagee.