mortgages

A non-judicial foreclosure is when lenders foreclose property without getting a court order first.

Noncontest clauses (also known as in terrorem clauses, contest clauses, no-contest clauses, anti-contest clauses, and forfeiture clauses) are clauses in a will that impose a condition upon a

Nonrecourse refers to a type of debt where the creditor may only look to the collateral to satisfy the unpaid loan, and not the debtor’s personal assets (as with a recourse loan).

An Option ARM (adjustable-rate mortgage) is a type of mortgage where the borrower has several possible payment choices. The borrower may pay:

Abbreviation for the major expenses that make up a mortgage payment: principal (the amount borrowed), interest, (property) taxes, and (homeowners' and private mortgage) insurance. The total amount of PITI is normally quoted on a monthly basis and is a useful gauge to determine the affordability of a mortgage.

PMI is an abbreviation for private mortgage insurance, which is a type of insurance that insures the mortgagee, as the lender, against losses resulting from a breach of the mortgagor's obligation to repay the

Power of sale clause is a provision in many secured loans that allow lenders to receive a non-judicial foreclosure on the assets securing loans in default.

A prepayment penalty clause is common in mortgage contracts, and it specifies that if the borrower pays down or pays off the mortgage early, usually within the first five years of the loan, a penalty will be levied. Not all lenders charge prepayment penalties.

Priority refers to the order of preference given to different interests or rights. Priority appears in multiple areas of law regarding debt, equity, bankruptcy, and patents.

Private mortgage insurance, also known as PMI, is a type of insurance that covers the mortgagee (the lender) against losses resulting from a breach of the mortgagor's obligation to repay the loan.