Mortgage - Law Dictionary Search Results
power
created or made a possibility power of sale : a power granted (as in a will, trust, or mortgage) to sell the property to which the power relates often under specified circumstances (as upon the default of
principal, interest, taxes, and insurance (piti)
principal, interest, taxes, and insurance (piti) the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes
purchase money
involving or being a debt secured by the property purchased with the money borrowed see also purchase money mortgage at mortgage
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recording
recording the recording in a registrar's office of an executed legal document. These include deeds, mortgages, satisfaction of a mortgage, or an extension of a mortgage making it a part of the public record.
reinscribe
reinscribe in the civil law of Louisiana : to inscribe (as a mortgage) again esp. after expiration of the period of inscription (as ten years) NOTE: A recorded mortgage or document
seller take back
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:
service
payments and maintain a payment schedule for (a loan) esp. after sale of the loan to a secondary mortgage market (as the Federal National Mortgage Association) compare originate
Abstract of title
Abstract of title. A concise statement, usually prepared for a mortgagee or purchaser of real property, summarising the history of a piece of land including all conveyances interests, lines
cap
cap a limit, such as one placed on an adjustable rate mortgage, on how much a monthly payment or interest rate can increase or decrease, either at each adjustment period
Regress, Lettrs of
Regress, Lettrs of. They were granted by the superior of lands mortgaged to the wadsettor or mortgagor. Their object was this: by the wadset or mortgage, the mortgagor was completely
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