As used in this article, the following terms shall have the following meanings:
(1) ALABAMA HOME BUYERS INITIATIVE. A conventional mortgage program not to exceed one billion dollars in aggregate loan amount to be administered by the program administrator, under which single family mortgage loans, as defined in Section 24-1A-2 are purchased by the program administrator and sold to the initial holder. No mortgage loan shall be made to any person who is not a citizen of the United States or is not legally present in the United States with appropriate documentation from the federal government.
(2) ELIGIBLE PROPERTIES. Both newly constructed residences and existing homes.
(3) FORECLOSURE BALANCE. The sum of (a) the unpaid principal balance of a qualified mortgage loan, (b) any interest accrued thereon through the date of foreclosure, and (c) foreclosure expenses, which shall include attorney fees, title work, recording or filing fees, escrow advances, and other actual expenses associated with a foreclosure sale.
(4) FORECLOSURE LOSS. The foreclosure balance for a qualified mortgage loan less its resale proceeds.
(5) HOLDER. Any person that owns a qualified mortgage loan.
(6) INVESTOR. The holder of a qualified mortgage loan on the date on which a foreclosure loss occurs with respect to such loan.
(7) MORTGAGE GUARANTEE FUND. The fund established under Section 24-1A-43.
(8) MORTGAGE GUARANTEE FUND FEE. A fee equal to one percent (1%) of the sales price of each home financed with a qualified mortgage loan under the Alabama Home Buyers Initiative.
(9) PERSON. Any individual, trust, estate, corporation, association, partnership, limited liability company, or other entity of any kind.
(10) PROGRAM ADMINISTRATOR. The Alabama Housing Finance Authority.
(11) QUALIFIED MORTGAGE LOAN. A mortgage loan secured by an eligible property originated under the Alabama Home Buyers Initiative.
(12) RESALE PROCEEDS. The net sales proceeds from the remarketing or resale of a residence following a foreclosure sale conducted under a qualified mortgage loan, which shall be equal to the sales price received in an arm's length sale less closing costs, commissions, property preservation, and reasonable and customary expenses associated with the sale of a residential property.
As used in this article, the following terms shall have the following meanings:
(1) ALABAMA HOME BUYERS INITIATIVE. A conventional mortgage program not to exceed one billion dollars in aggregate loan amount to be administered by the program administrator, under which single family mortgage loans, as defined in Section 24-1A-2 are purchased by the program administrator and sold to the initial holder. No mortgage loan shall be made to any person who is not a citizen of the United States or is not legally present in the United States with appropriate documentation from the federal government.
(2) ELIGIBLE PROPERTIES. Both newly constructed residences and existing homes.
(3) FORECLOSURE BALANCE. The sum of (a) the unpaid principal balance of a qualified mortgage loan, (b) any interest accrued thereon through the date of foreclosure, and (c) foreclosure expenses, which shall include attorney fees, title work, recording or filing fees, escrow advances, and other actual expenses associated with a foreclosure sale.
(4) FORECLOSURE LOSS. The foreclosure balance for a qualified mortgage loan less its resale proceeds.
(5) HOLDER. Any person that owns a qualified mortgage loan.
(6) INVESTOR. The holder of a qualified mortgage loan on the date on which a foreclosure loss occurs with respect to such loan.
(7) MORTGAGE GUARANTEE FUND. The fund established under Section 24-1A-43.
(8) MORTGAGE GUARANTEE FUND FEE. A fee equal to one percent (1%) of the sales price of each home financed with a qualified mortgage loan under the Alabama Home Buyers Initiative.
(9) PERSON. Any individual, trust, estate, corporation, association, partnership, limited liability company, or other entity of any kind.
(10) PROGRAM ADMINISTRATOR. The Alabama Housing Finance Authority.
(11) QUALIFIED MORTGAGE LOAN. A mortgage loan secured by an eligible property originated under the Alabama Home Buyers Initiative.
(12) RESALE PROCEEDS. The net sales proceeds from the remarketing or resale of a residence following a foreclosure sale conducted under a qualified mortgage loan, which shall be equal to the sales price received in an arm's length sale less closing costs, commissions, property preservation, and reasonable and customary expenses associated with the sale of a residential property.
As used in this article, the following terms shall have the following meanings:
(1) ALABAMA HOME BUYERS INITIATIVE. A conventional mortgage program not to exceed one billion dollars in aggregate loan amount to be administered by the program administrator, under which single family mortgage loans, as defined in Section 24-1A-2 are purchased by the program administrator and sold to the initial holder. No mortgage loan shall be made to any person who is not a citizen of the United States or is not legally present in the United States with appropriate documentation from the federal government.
(2) ELIGIBLE PROPERTIES. Both newly constructed residences and existing homes.
(3) FORECLOSURE BALANCE. The sum of (a) the unpaid principal balance of a qualified mortgage loan, (b) any interest accrued thereon through the date of foreclosure, and (c) foreclosure expenses, which shall include attorney fees, title work, recording or filing fees, escrow advances, and other actual expenses associated with a foreclosure sale.
(4) FORECLOSURE LOSS. The foreclosure balance for a qualified mortgage loan less its resale proceeds.
(5) HOLDER. Any person that owns a qualified mortgage loan.
(6) INVESTOR. The holder of a qualified mortgage loan on the date on which a foreclosure loss occurs with respect to such loan.
(7) MORTGAGE GUARANTEE FUND. The fund established under Section 24-1A-43.
(8) MORTGAGE GUARANTEE FUND FEE. A fee equal to one percent (1%) of the sales price of each home financed with a qualified mortgage loan under the Alabama Home Buyers Initiative.
(9) PERSON. Any individual, trust, estate, corporation, association, partnership, limited liability company, or other entity of any kind.
(10) PROGRAM ADMINISTRATOR. The Alabama Housing Finance Authority.
(11) QUALIFIED MORTGAGE LOAN. A mortgage loan secured by an eligible property originated under the Alabama Home Buyers Initiative.
(12) RESALE PROCEEDS. The net sales proceeds from the remarketing or resale of a residence following a foreclosure sale conducted under a qualified mortgage loan, which shall be equal to the sales price received in an arm's length sale less closing costs, commissions, property preservation, and reasonable and customary expenses associated with the sale of a residential property.
