When will a mortgage servicer not advance payments for principal and interest?
What will be an ideal response?
There are specific conditions as to when a servicer need not make such advance payments for principal and interest. In most deals, the servicer is not required to advance any amount that it deems "nonrecoverable" through the foreclosure process.
The policy of a servicer regarding how long it will advance against seriously delinquent loans along with the property's current LTV dictates how it will interpret the term "recoverability". Because a property's projected recovered principal depends on its current LTV, servicers typically cease advancing on loans where the current LTV is greater than a specified threshold.
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