A seller's asking price that is based on factors such as the required funds to pay off the mortgage, the cost of remodeling or the purchase of another house.
The situation occurs when a borrower's monthly payment is not large enough to cover both the principal and interest of a loan. As a result, the outstanding balance of the loan actually grows larger with each payment rather than smaller. Most fixed-rate loans are not subject to negative amortization, but many adjustable-rate mortgages are susceptible.
The response sometimes given by neighborhoods and communities to proposed changes or development.
A loan application that does not require verification of income but typically is granted in cases of large down payments.
A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval.
The legal document that requires a borrower to repay a mortgage at a certain interest rate over a specified period of time.
The interest rate specified in a mortgage note.
A lender's initial action when a mortgage payment is late and attempts to reconcile the issue out of court have failed.
Null & Void
Having no legal force or effect, of no worth.
