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It may sound like a tongue-twister, but a missing mortgagee protection clause is no joke. Sometimes the clause is absent from a lease, leaving lenders with no guarantee that a landlord will notify them of any planned forfeiture action to be brought against the leaseholder. This puts lenders in a pickle, as they could end up facing losses under the mortgage from forfeiture proceedings they were totally unaware of.
But, never fear: our brainy underwriters have come up with a policy to protect lenders against this risk. Just check out the ‘Defective Lease’ section of our product page for more info or to get a quote.