Mortgage - Law Dictionary Search Results
Bottomry
A contract in the nature of a mortgage by which the owner of a ship or the master as his agent hypothecates and binds the ship
secured debt
secured debt Debt backed by a mortgage, pledge of collateral, or other lien; debt for which the creditor has the right to pursue specific pledged
prepayment
prepayment payment of the mortgage loan before the scheduled due date; may be Subject to a prepayment penalty. Source: U.S. Department of Housing
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savings and loan association
organized to hold savings of members in the form of dividend-bearing shares and to invest chiefly in home mortgage loans
nondischargeable debt
nondischargeable debt A debt that cannot be eliminated in bankruptcy. Examples include a home mortgage, debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans or
nonperforming asset
nonperforming asset an asset such as a mortgage that is not currently accruing interest or which interest is not being paid. Source: U.S. Department of Housing
note
: a note containing a confession of judgment collateral note : a note secured esp. by a collateral mortgage and pledged to secure an obligation of which a hand note usually serves as evidence demand note :
obligation
521 N.W.2d 366 (1994)"] 2 : a debt security (as a corporate or government bond) see also collateralized mortgage obligation 3 : what one is obligated to do, satisfy, or fulfill: as a : a commitment to
original principal balance
original principal balance the total principal owed on a mortgage prior to any payments being made. Source: U.S. Department of Housing and Urban Development
paraph
other required elements vt in the civil law of Louisiana : to affix a paraph to [ed the mortgage] ;also : to include (as particular words) in a paraph
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