Mortgage - Law Dictionary Search Results
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
partial claim
allows a borrower, with help from a lender, to get an interest-free loan from HUD to bring their mortgage payments up to date. Source: U.S. Department of Housing and Urban Development
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partial payment
partial payment a payment that is less than the total amount owed on a monthly mortgage payment. Normally, lenders do not accept partial payments. The lender may make exceptions during times of difficulty. Contact
predatory lending
predatory lending abusive lending practices that include a mortgage loan to someone who does not have the ability to repay. It also pertains to repeated refinancing of
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
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
race-notice
the same property] : of, relating to, or being a recording act which stipulates that an unrecorded deed, mortgage, or lien shall not be valid against a recorded one unless the recording party (as a subsequent purchaser
remedy
to put the parties in the position in which they were prior to the attempted agreement "First Nat'l Mortgage Corp. v. The Manhattan Life Ins. Co., 360 So. 2d 264 (1978)"] [specific performance and other equitable remedies]
rate cap
rate cap a limit on an ARM on how much the interest rate or mortgage payment may change. Rate caps limit how much the interest rates can rise or fall on the adjustment
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