![]() An affirmative defense must be timely made by the defendant in order for the court to consider it, or else it is considered waived by the defendant’s failure to assert it. It can either be clear and convincing or preponderance of the evidence. ![]() The burden of proof is typically lower than beyond a reasonable doubt. Such a defense must be raised in the defendant answer, and because affirmative defenses require the assertion of facts beyond those claimed by the plaintiff, the defendant has the burden of proof for the defense. An adversary proceeding may be filed to recover money or property of a debtor, for the sale of a debtor’s property by a co-owner, to object or revoke a discharge, to revoke the confirmation of a reorganization plan, to determine the dischargeability of a debt, to obtain an injunction or other equitable relief, and for other matters.Īffirmative Defense– is a type of defense in which the defendant seeks to avoid liability by introducing new evidence not addresses in the claims of the plaintiff’s complaint. Under Bankruptcy Rules Rule 7001, an adversary proceeding may be filed in a debtor’s bankruptcy action for certain specific reasons. This method contrasts with charging interest on the remaining principal balance.Īdjustable Rate Mortgage (ARM) – A mortgage or other real estate loan wherein the interest rate and payments that correspond to the interest are adjustable from year to year according to some index such as the rate paid by the government on Treasure Bills.Īdversary– The bankruptcy rules consist of nine distinct parts with Part VII governing adversary proceedings. The monthly payment is calculated by dividing this number (principal plus add-on interest) by the number of payments. This total interest is added on to the loan balance. This is multiplied by the number of years. Ad valorem taxes may also be applied to personal property, such as a duty on imported items and motor vehicles.Īdd-On Interest – The interest is applied to the loan amount to get yearly interest. The assessed value is the standard basis for local real property taxes, although some place “caps” (maximums) on the percentage of value or “parcel taxes”, which establish a flat rate per parcel. At the end of the first year the balance owed would be the original principal plus one year’s interest.Īd Valorem Taxes– is a Latin term meaning “based on value,” which applies to property taxes based on a percentage of the county’s assessment of the property’s value. An example would be a straight note (no payments). ( )Īccrued Interest – The amount of interest earned on a note, but not yet received in payment. An acceleration clause allows a missed payment to be considered a default of the whole note and mortgage, and allows the bank to call the full balance due. Without this clause, the bank must declare a separate default for each missed payment as the payment is missed. Because of this, the company is grounded in its core values, and focused on high ethics and creating a 5-star experience for our customers, our partners, and our employees.SEARCH FEATURE: Control + F (at the same time) then type word/phrase you are looking for.Īcceleration clause- This is a portion/clause contained in your mortgage that allows the bank to call in the whole balance due on the loan in the event of missed payments. ![]() Sente not only survived, but thrived during this chaotic time because we started fresh and were able to predict what the mortgage landscape would look like in the coming years. ![]() S ente’s owners believed they could build a mortgage company that was purpose-driven, relationship-based, and ethically grounded. This concept eventually formed the foundation for our company’s purpose, “We Create Financial Possibility.” We adopted the term Sente as the name for the company as a metaphor for helping people “win at their financial game” or, better said, create a strong financial situation. The name Sente comes from a term used in the ancient strategy game Go and represents the winning position on the Go board. In fact, it is one of the reasons the company is named Sente. Since its inception, Sente Mortgage had a vision to be a different kind of mortgage company - not just a place for mortgages, but a place to create financial possibility. While many companies were closing their doors, we launched with a different name and a different model. Sente launched in 2007 during one of the most tumultuous times in the history of mortgage lending.
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