Encumbrances
| Title: | Encumbrances |
| Description: | Encumbrance – any burden on one’s property Lien – money burden on one’s property Note – evidence of a debt (what the lender sues the borrower on when the loan is in default) Default – borrower is late on a payment Foreclosure – legal proceeding used by the lender to take the collateral when the loan is in default Collateral – the thing the lender uses as security for the loan (house) Hypothecate – to pledge Mortgage (specific) – a written contract to borrow money with a promise by the borrower to repay the loan plus interest using the real estate as collateral |
| Number of Cards: | 5 |
| Author: | jsterner239 |
| Created: | 2007-05-18 |
| Tags: | encumbrances |
| Private: | No |
| Favorite Count: | 0 |
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