mortgages

Absolute-Bar Rule

Definition

A rule preventing a creditor who sells collateral in a commercially unreasonable manner, e.g. without giving reasonable notice to the debtor, from obtaining a deficiency judgment.

Illustrative caselaw

See, e.g. Beardmore v. American...

Adjustable Rate Mortgage (ARM)

A mortgage loan where the interest rate may change in accordance with designated market indicator (such as the LIBOR), as opposed to a set interest rate (such at 6% annually).

Adjustment Date

Definition from Nolo’s Plain-English Law Dictionary

The date the interest rate changes on an adjustable-rate mortgage (ARM). On most ARMs, the rate starts out fixed at a discount for an initial period, such as five years. Then it's reset (typically...

Adjustment Period

Definition from Nolo’s Plain-English Law Dictionary

For homeowners with an adjustable-rate mortgage (ARM), the scheduled period between changes in the interest rate. The adjustment period can be monthly, semi-annually, annually, and so forth....

Appraisal

Definition from Nolo’s Plain-English Law DictionaryA determination of the value of something, such as a house, jewelry, or stock. A professional appraiser -- a qualified, disinterested expert -- makes an estimate by examining the property, and looking at...

Appraise

Definition from Nolo’s Plain-English Law DictionaryTo professionally evaluate the value of property, such as real estate, jewelry, antique furniture, or securities; typically done in order to determine the value of assets for insurance coverage, divide...

Appraiser

Definition from Nolo’s Plain-English Law DictionaryA professional who is hired to determine the current value of real estate or other property. Some appraisers specialize in residential houses for the purpose of setting a sales price or securing a...

Appreciate

Definition from Nolo’s Plain-English Law DictionarySee: appreciation

Definition provided by Nolo’s Plain-English Law Dictionary.

Appreciation

Definition from Nolo’s Plain-English Law DictionaryAn increase in the value or worth of an asset or piece of property that's caused by external economic factors occurring over time, rather than by the owner having made improvements or additions. For...

ARM

See: adjustable rate mortgage

Pages