30-Day Account

30-Day Account

A 30-Day Account refers to a credit arrangement that requires the Borrower to pay off the outstanding balance on the account every month. 30-Day Advance Prepayment Notice Period The 30-Day Advance Prepayment Notice Period refers to the time requirement for the Borrower to provide advance notice to the Mortgagee for prepayment of an FHA-insured Mortgage insured prior to August 2, 1985. 90-Day Review The 90-Day Review is a Mortgagee’s required evaluation, occurring before four monthly installments are due and unpaid, of a Defaulted Mortgage for appropriate Loss Mitigation Options.