What are you looking for? 

what is demand clause?

Author Message
Christopher

Guest







0.10 Dollars($)

PostPosted: Sun Jul 17, 2005 10:13 pm    Post subject: what is demand clause?

please explain what is demand clause?
 
image
Icon Mini Profile Jessica
Jessica
Community Mentor
Community Mentor

Joined: 08 Jun 2004

Posts: 636
Location: OHIO


106.25 Dollars($)

PostPosted: Sun Jul 17, 2005 10:56 pm    Post subject: RE:

Hi Christopher,

A Demand Clause is a clause stated in the mortgage note which permits the lender to demand repayment of the outstanding loan balance for any reason except in the following cases:

1. The consumer getting the loan commits a fraud.

2. The consumer fails to repay the loan in time.

3. The borrower has adversely affected the creditor's security for the loan or any right of the creditor in such security. The Demand Clause is stated in the Truth in Lending Disclosure.

There is a discussion on the subject "Are Due on sale and Demand clause same?" in our community forums. Please refer it to know more on demand clause.

Please write back to us with further queries.

Regards
Jessica
 
image
uphidodge

Guest







0.10 Dollars($)

PostPosted: Wed Nov 09, 2005 5:13 pm    Post subject: question

what is a mortgage clause
 
image
James Hogg

Guest







0.10 Dollars($)

PostPosted: Wed Nov 09, 2005 5:22 pm    Post subject:

Hi uphidodge,

Mortgage clause is a policy to protect the mortgagee under certain conditions in case the insured fails to comply with the policy conditions.

Regards,
James Hogg
 
image
Icon Mini Profile Samantha
Samantha
Community Mentor
Community Mentor

Joined: 16 Sep 2005

Posts: 1455
Location: MASSACHUSETTS


121.48 Dollars($)

PostPosted: Wed Nov 09, 2005 5:28 pm    Post subject:

Hi uphidodge,

Welcome to MortgageFit Forums.

As James rightly said, Mortgage clause also known as mortgagee clause or loss payable clause is a policy to protect the interests of the bank, Mortgage Company or any other lender who holds the mortgage on the property covered under your homeowner?s policy.

Hope this information helps you.

Feel free to post if you have any more doubts.

God bless you.

For MortgageFit,
Samantha
 
image
helping user

Guest







0.10 Dollars($)

PostPosted: Sat Nov 26, 2005 1:26 am    Post subject: mortgage clause

Fire insurance policy on home taken after July 1, 1989 by a mortgagor in a deed of trust shall have attached the following mortgage clause (under section 83-13-9):

  • Loss or damage under this policy shall be payable to mortgagee.

  • The mortgagee shall notify the company of any change of ownership otherwise the policy shall be void.
 
image
Icon Mini Profile Samantha
Samantha
Community Mentor
Community Mentor

Joined: 16 Sep 2005

Posts: 1455
Location: MASSACHUSETTS


121.48 Dollars($)

PostPosted: Sat Nov 26, 2005 12:41 pm    Post subject:

Hi helping user,

Welcome to MortgageFit Forums.

We would like to have you as our member so that our community may get more and more valuable suggestions in need.

God bless you.

Thanks,
Samantha

_________________
Know how to compare lenders with mortgage booklet
 
image
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Helpful References
Mortgage Guide
Mortgage Terminology
Industry News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool
Mortgage Planner
Simple Budgeting Tool


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit Live Help

Explore the lender near you

Google Map Image

MF Talk

 
About Us  | Contact Us  | Privacy Policy  | Testimonials  | Website Tools  | RSS Feeds  | Site Map 
We have chosen to apply the Creative Commons Attribution License to all works we publish.
This work is licensed under cc by 2.0