Nonrecoverable Advance definition: Copy, customize, and use instantly
Introduction
The term "Nonrecoverable Advance" refers to an advance made by a servicer, lender, or other obligated party that is determined not to be recoverable from the related loan payments or collateral proceeds. It is essential for defining financial obligations, limiting liability, and clarifying reimbursement rights.
Below are various examples of how "Nonrecoverable Advance" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Nonrecoverable Advance" as an unrecoverable servicer expense
This definition ties "Nonrecoverable Advance" to advances made by a servicer that cannot be reimbursed.
"Nonrecoverable Advance" means any advance made by the servicer that, in its reasonable judgment, will not be recoverable from the related borrower payments, liquidation proceeds, or any other available sources.
Definition of "Nonrecoverable Advance" as a lender's financial risk
This definition connects "Nonrecoverable Advance" to expenses that the lender cannot recoup.
"Nonrecoverable Advance" refers to any payment made by the lender for taxes, insurance, or property maintenance that, after reasonable efforts, is deemed unrecoverable from the borrower's future payments or collateral.
Definition of "Nonrecoverable Advance" as a foreclosure-related cost
This definition links "Nonrecoverable Advance" to costs arising from foreclosure.
"Nonrecoverable Advance" means any payment made in connection with a foreclosure action that is determined not to be recoverable from the proceeds of the foreclosure sale.
Definition of "Nonrecoverable Advance" as an obligation limited by collectability
This definition applies "Nonrecoverable Advance" to limits on collectability.
"Nonrecoverable Advance" refers to any advance that, based on the good faith determination of the advancing party, is unlikely to be collected from the obligor, the collateral, or any other available sources.
Definition of "Nonrecoverable Advance" as a servicing loss
This definition ties "Nonrecoverable Advance" to servicing-related losses.
"Nonrecoverable Advance" means any amount paid by a servicer under the servicing agreement that is deemed uncollectible and not reimbursable from loan proceeds.
Definition of "Nonrecoverable Advance" as a non-reimbursable tax payment
This definition connects "Nonrecoverable Advance" to real estate tax payments.
"Nonrecoverable Advance" refers to any tax or assessment payment made by the servicer that cannot be recovered from the borrower or through liquidation of the property.
Definition of "Nonrecoverable Advance" as a non-reimbursable insurance payment
This definition links "Nonrecoverable Advance" to insurance-related expenses.
"Nonrecoverable Advance" means any insurance premium paid by the servicer or lender that cannot be recovered from the borrower or property proceeds.
Definition of "Nonrecoverable Advance" as an advance related to loan modifications
This definition applies "Nonrecoverable Advance" to advances made due to loan modifications.
"Nonrecoverable Advance" refers to any payment made in connection with a loan modification that the servicer determines cannot be recouped from the borrower’s adjusted payment schedule.
Definition of "Nonrecoverable Advance" as a charge-off related expense
This definition ties "Nonrecoverable Advance" to charge-offs.
"Nonrecoverable Advance" means any advance made by a lender or servicer on a loan that has been charged off and is unlikely to be repaid.
Definition of "Nonrecoverable Advance" as an unrecoverable escrow advance
This definition connects "Nonrecoverable Advance" to escrow-related shortfalls.
"Nonrecoverable Advance" refers to any escrow advance made to cover tax, insurance, or other property-related expenses that is deemed uncollectible.
Definition of "Nonrecoverable Advance" as an expense not covered by property value
This definition applies "Nonrecoverable Advance" to property value limitations.
"Nonrecoverable Advance" refers to any payment made for loan servicing, property preservation, or insurance where the collateral value is insufficient to cover the reimbursable amount.
Definition of "Nonrecoverable Advance" as an advance impacted by bankruptcy
This definition connects "Nonrecoverable Advance" to bankruptcy proceedings.
"Nonrecoverable Advance" refers to any advance that cannot be recovered due to the borrower’s bankruptcy, restructuring, or insolvency proceedings.
Definition of "Nonrecoverable Advance" as a loss due to borrower default
This definition ties "Nonrecoverable Advance" to borrower defaults.
"Nonrecoverable Advance" means any payment advanced by a servicer or lender that cannot be recovered due to the borrower’s default and lack of sufficient collateral proceeds.
Definition of "Nonrecoverable Advance" as a restricted expense under an agreement
This definition connects "Nonrecoverable Advance" to contractual limitations.
"Nonrecoverable Advance" refers to any advance that, under the terms of a servicing, pooling, or trust agreement, is deemed non-reimbursable.
Definition of "Nonrecoverable Advance" as a servicer liability limitation
This definition applies "Nonrecoverable Advance" to servicer liability.
"Nonrecoverable Advance" refers to any servicer advance that, after reasonable collection efforts, is determined not to be recoverable, thereby limiting the servicer’s obligation to fund further advances.
Definition of "Nonrecoverable Advance" as an advance exceeding net proceeds
This definition ties "Nonrecoverable Advance" to limits on repayment sources.
"Nonrecoverable Advance" means any advance that, after application of net proceeds from liquidation, remains uncollectible due to insufficient funds.
Definition of "Nonrecoverable Advance" as an advance made due to tenant issues
This definition links "Nonrecoverable Advance" to property management challenges.
"Nonrecoverable Advance" refers to any advance related to managing tenant issues, such as eviction or unpaid rent, which cannot be recovered from the property proceeds.
Definition of "Nonrecoverable Advance" as an advance for foreclosure preparation
This definition connects "Nonrecoverable Advance" to the preparation costs for foreclosure proceedings.
"Nonrecoverable Advance" means any advance made to prepare for foreclosure proceedings, which is determined to be non-recoverable.
Definition of "Nonrecoverable Advance" as an advance for legal expenses
This definition ties "Nonrecoverable Advance" to legal costs that are not recoverable.
"Nonrecoverable Advance" refers to any legal fees incurred by the lender that are determined to be nonrecoverable through the loan’s proceeds or collateral.
Definition of "Nonrecoverable Advance" as a property preservation expense
This definition applies "Nonrecoverable Advance" to property preservation activities.
"Nonrecoverable Advance" refers to any costs associated with preserving a property that cannot be recovered from the borrower or other available resources.
Definition of "Nonrecoverable Advance" as a loss incurred due to liquidation delay
This definition connects "Nonrecoverable Advance" to delays in property liquidation.
"Nonrecoverable Advance" means any advance made to cover costs during a liquidation delay that cannot be recovered from the proceeds of the liquidation.
Definition of "Nonrecoverable Advance" as a non-recoverable repair cost
This definition links "Nonrecoverable Advance" to repair costs that cannot be recouped.
"Nonrecoverable Advance" refers to any repairs made to a property that are unlikely to be reimbursed through borrower payments or the sale of the property.
Definition of "Nonrecoverable Advance" as a non-recoverable commission
This definition ties "Nonrecoverable Advance" to commission expenses.
"Nonrecoverable Advance" means any commission paid to agents in connection with the sale of property that is deemed unrecoverable from the sale proceeds.
Definition of "Nonrecoverable Advance" as an unrecoverable environmental cleanup cost
This definition connects "Nonrecoverable Advance" to environmental cleanup expenses.
"Nonrecoverable Advance" refers to any environmental remediation costs that cannot be recovered from the borrower or property proceeds.
Definition of "Nonrecoverable Advance" as a servicer’s out-of-pocket loss
This definition links "Nonrecoverable Advance" to out-of-pocket losses incurred by the servicer.
"Nonrecoverable Advance" means any out-of-pocket expense incurred by the servicer that cannot be recovered through loan payments or sale proceeds.
Definition of "Nonrecoverable Advance" as an unrecoverable servicing fee
This definition ties "Nonrecoverable Advance" to servicing fees that cannot be recovered.
"Nonrecoverable Advance" refers to any servicing fee or related charge that is deemed unrecoverable from the borrower or collateral.
Definition of "Nonrecoverable Advance" as an advance related to property damage
This definition connects "Nonrecoverable Advance" to damages to property.
"Nonrecoverable Advance" refers to any advance made for the repair of property damage that is unlikely to be reimbursed from the borrower or the property sale.
Definition of "Nonrecoverable Advance" as an expense under a servicing agreement
This definition links "Nonrecoverable Advance" to contractual obligations within a servicing agreement.
"Nonrecoverable Advance" means any advance made under a servicing agreement that the servicer determines will not be recoverable from the borrower or collateral.
Definition of "Nonrecoverable Advance" as an advance after loan default
This definition applies "Nonrecoverable Advance" to post-default scenarios.
"Nonrecoverable Advance" refers to any advance made after a loan default that cannot be recouped from the borrower or loan-related proceeds.
Definition of "Nonrecoverable Advance" as a non-recoverable property tax expense
This definition connects "Nonrecoverable Advance" to property tax payments that cannot be reimbursed.
"Nonrecoverable Advance" means any property tax payment made by the servicer or lender that is deemed non-recoverable from the borrower or the property's proceeds.
Definition of "Nonrecoverable Advance" as an unrecoverable litigation cost
This definition ties "Nonrecoverable Advance" to legal expenses that cannot be recouped.
"Nonrecoverable Advance" refers to any litigation expense incurred during legal proceedings related to the loan that cannot be recovered from the borrower or property.
Definition of "Nonrecoverable Advance" as an expense due to regulatory requirements
This definition applies "Nonrecoverable Advance" to expenses incurred due to regulatory actions.
"Nonrecoverable Advance" means any amount spent to comply with legal or regulatory requirements that is not recoverable from the borrower, collateral, or liquidation proceeds.
Definition of "Nonrecoverable Advance" as an advance related to property vacancy
This definition connects "Nonrecoverable Advance" to costs incurred from property vacancy.
"Nonrecoverable Advance" refers to any cost associated with maintaining a vacant property that is unlikely to be recovered from the borrower or property sale.
Definition of "Nonrecoverable Advance" as an expense for mitigating loan default
This definition ties "Nonrecoverable Advance" to costs related to preventing or managing loan default.
"Nonrecoverable Advance" means any payment made by the lender or servicer to mitigate or manage a loan default that cannot be reimbursed from the borrower or collateral
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.