Define: Recovery Fee
Recovery Fee means a standard charge imposed for the collection of additional owing amounts following the loan conversion to a liquidated status
Legal accuracy standard set & glossary spot-checked by Imad Mohammed Nazar , Skadden-trained M&A lawyer, Legal Engineer at GenieAI
Recovery Fee means a standard charge imposed for the collection of additional owing amounts following the loan conversion to a liquidated status.
Relevant Circumstances
- When a loan defaults and the lender is recovering the balance.
- If the Mortgage Loan is liquidated.