mortgages

Assumable Mortgage

A type of financing in which one person may take over the mortgage from another. For example, Buyer 1 wants to buy a house, so he takes out a mortgage (borrows money from the bank to pay for the house). If Buyer 1 wants to sell the house to Buyer 2...

Assume

Definition from Nolo’s Plain-English Law Dictionary1) To take over another person's rights and/or obligations. For example, one person might assume another's car lease, residential lease, or debt. 2) In bankruptcy, for the bankruptcy trustee to take over...

Assumption

Definition from Nolo’s Plain-English Law DictionarySee: assume, assumption of risk

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

Attached

Definition from Nolo’s Plain-English Law Dictionary1) In real estate, when equipment, shelving, or furniture is solidly incorporated into a structure, such as bolted to the floor or wired to the ceiling (and not capable of being removed without damage to...

Attachment

An attachment is a court order seizing specific property. Attachment is used both as a pre-trial provisional remedy and to enforce a final judgment.

Sometimes, courts attach a defendant's property as a provisional remedy to prevent the...

Balloon Mortgage

A balloon mortgage is a mortgage whose payments are not large enough to pay off the entire mortage during its amortization period. Thus, the borrower must make an extra-large payment at the end of the amortization period to fully pay off the loan. For...

balloon payment

The final, oversized payment due at the maturity date of a loan. Typically used in car or home loans, the balloon payment consists of the remaining balance due under a loan, including any unpaid principal and interest.

biweekly mortgage

A twist on the standard mortgage in which payments are made every other week, as opposed to the traditional payment schedule of once a month.

bottomry

Definition from Nolo’s Plain-English Law DictionaryA contract, similar to a mortgage, in which a ship and/or its freight is pledged as security for a loan to finance repairs, equipment, or the cost of a journey. The contract is generally called a "...

Cap

Definition from Nolo’s Plain-English Law DictionarySlang for maximum, as the most interest that can be charged on an adjustable rate promissory note.

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

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