The
mortgagee has the right to direct payment of a loss even where the mortgagor repairs or replaces property after loss, since it is the general rule that a
mortgagee's rights under the insurance contract are fixed as of the date of loss and are unaffected by any acts or neglects of the mortgagor.
This includes situations in which the taxpayer is insolvent or in Title 11 bankruptcy, the debt is nonrecourse, the taxpayer deeds the title to the
mortgagee in lieu of foreclosure, or when the taxpayer sells the personal residence and remits the proceeds to the
mortgagee.
Where the closing occurred in close proximity to the county recorder's office, the
mortgagee that received full payment at closing could simply proceed to the recorder's office and have the recorder make the necessary marginal notation of satisfaction.
The insurer successfully argued to the Florida Fourth DCA last September that a homeowners insurance policy may contain a provision requiring the consent of other insureds and the
mortgagees before a valid assignment of benefits may be made.
This is the doctrine of 'the
mortgagee in good faith' based on the rule that all persons dealing with the property covered by a Torrens Certificate of Title, as buyers or
mortgagees, are not required to go beyond what appears on the face of the title.
On appeal, the
mortgagee attempted to rely on the fact that it had complied with the requirements of the state's foreclosure statute, G.L.c.
Moreover, the SBP guidelines stated the chartered accountancy firm would move forward to assess the outstanding mortgaged money of the relevant financial institution only when the
mortgagees were unable to submit their claims of mortgage money to the firm.
Mortgagee Letter 2002-10 offered significant efficiencies to the servicer by eliminating several city- and state-specific guidelines and implementing more national standards.
the [c]ourt noted that the latter act's avowed object is to take from the
mortgagee rights in the specific property held as security; and to that end to scale down the indebtedness to the present value of the property.
Vacant property registration ordinances operate by requiring either the homeowner (mortgagor) or the mortgage lender (
mortgagee) to register residential property once it becomes abandoned, which ensures that some party maintains the premises and is accountable for its dilapidation.
Section 9 of the agreed Mortgage Terms and Conditions 200 ('the Mortgage Conditions') stated that if the
mortgagee took possession of the Property and any goods were left by the mortgagor at the Property, the
mortgagee could, within seven days of notice being given to the mortgagor at its new address, or, if no new address had been given, within seven days after the mortgagor had left the Property, remove and store the goods and then either dispose of them, or, if the
mortgagee knew that they did not belong to the mortgagor, return them to their owner.
Tampa, FL, January 27, 2015 --(PR.com)-- NAN News Update instructions FHA
Mortgagee Letter #15-06
