Lenders may be more willing to advance funds for this type of loan than when the borrower offers other types of property as collateral since a homeowner can't hide the asset from the lender if he or she defaults on the loan.
For these reasons, if a borrower defaults on a loan for a mobile home and land purchase, there's a great chance that the outstanding value of the property will not be as much as the unpaid balance on the loan.
The homebuyer applies for the mortgage through a local lender and then the mortgage is backed by the FHA, giving the lender a guarantee that the loan will be repaid by FHA if the borrower defaults on the loan.
These benefits are provided by lenders who, in turn, have received a guarantee from the government that the lender will be compensated if a homeowner defaults on any of these specially-designed mortgages.
The major disadvantage to having parents as cosigners is the fact that the parents will be left to pay the Visa bill in the event that the college student defaults on the account for whatever reason.
The financial situation in Venezuela was for a long time extremely complicated and discreditable, owing to defaults in the payment of public debts, complications arising from the guarantee of interest on railways and other public works, responsibility for damages to private property during civil wars and bad administration.
Interest defaults led to a conversion of the debt in 1851, the interest rate being reduced from 5% to 3%.
Further defaults followed and in 1888 another adjustment was made by the issue of 6% gold-bearing bonds.
Careful and continuous regard to the various kinds of errors and defaults that are found in transcription will enable us to judge whether a reading which it is suggested stood in the archetype of our text is likely to have been corrupted to the reading, or readings, which stand in the extant manuscripts or editions.
In financial matters Colombia is known abroad chiefly through repeated defaults in meeting her bonded indebtedness, and through the extraordinary depreciation of her paper currency.