Assumable Mortgage - Law Dictionary Search Results
assumable mortgage
Matched in: Term assumable mortgage
Assumption clause
Assumption clause, means a mortgage provision that prohibits another from assuming the mortgage without the permission of the mortgagee.
seller take back
an agreement where the owner of a property provides second mortgage financing. These are often combined with an assumed mortgage instead of a portion of the seller's equity. Source: U.S. Department of Housing and Urban Development
Keep your definitions linked to case research
assume
a risk] 2 : to take over (the debts or obligations of another) as one's own [ a mortgage] … assume as·sumed as·sum·ing 1 : to voluntarily take upon oneself [ a risk] 2 : to take over (the
bond
lien on property and is often designed to take care of a particular financial need see also collateralized mortgage obligation accrual bond : a bond that is usually the last tranche of a collateralized mortgage obligation and … to the delay caused by the appeal surety bond : a bond in which a surety agrees to assume responsibility for the performance of an obligation of another in the event of a default b : one
liability
a contingency (as a cosigner's default on a loan) fixed liability : a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given date … an injured party to pay damages for another's failure to perform or negligent act several liability : liability assumed or imposed on an individual separate from others solidary liability in the civil law of Louisiana : liability
- ‹ Prev
- Next ›
Try the research workspace - 7 days free