mortgages

Secured debt

A creditor's claim that is secured by a lien of some type in a debtor's property either by the debtor's own agreement or involuntarily with a court judgment or taxes.

Some examples include mortgages, equity lines of credit, and vehicle and...

Secured transactions

Secured Transaction Law: an overview

A security interest arises when, in exchange for a loan, a borrower agrees in a security agreement that the lender (the secured party) may take specified collateral owned by the borrower if he or she should default...

Security interest

Interest in someone else's property, created by contract or by law. A mortgage is one type of security interest created by contract. A garnishment is one type of security interest created by law.

See Collateral and Secured transaction.

shared equity mortgage

Definition from Nolo’s Plain-English Law DictionaryA mortgage in which the lender gets a share of the equity of the home in exchange for providing a portion of the down payment. When the property is later sold, the lender is entitled to a portion of the...

short sale

Definition from Nolo’s Plain-English Law DictionaryA sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Short sales usually occur when the homeowner is facing foreclosure. Many lenders will agree to accept the...

subprime mortgage

A sub-prime loan used as a mortgage (to buy property such as a house)

Tax lien

A lien acquired by court order that gives the government a security interest in property because of a failure to pay assessed taxes. If the property is mortgaged, a tax lien will take precedence over the mortgage. This is why a mortgage lender may...

workout

Definition from Nolo’s Plain-English Law DictionaryAn arrangement negotiated between a debtor and creditor as a way to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure...

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