ARM stands for ‘adjustable-rate mortgage’, which is a type of home loan that has a fixed interest rate for an initial period of time, then after a certain point the rate changes, which means it is no longer a fixed interest rate, but rather...
mortgages
arrears
Arrears is defined as debt that has accumulated and that has not yet been paid upon the due date. For instance, if someone falls $5000 behind in paying for their mortgage, then they have built up $5000 in arrears. See also: arrearages.
...assumable mortgage
Assumable mortgage is a term for mortgages that can be transferred to another person. If a mortgage is assumable, the selling owner transfers the title and mortgage to the buyer instead of the buyer getting a different mortgage. This process...
assume
To assume means to undertake. Generally, in legal contexts, to assume means to take over a certain duty or responsibility. For example, Alice may assume Bob’s liability for a debt (Alice may take over Bob’s debt).
In...
assumption
An assumption is an assertion or statement that is taken as true or supposed as a fact without proof or substantiating evidence. An assumption may also be the act of taking over (another individual or entity’s) duty or responsibility.
...attached
Attached property is property that has been seized pursuant to a court order, either as a provisional pre-judgment remedy or for the enforcement of a final judgment. Property may be attached only after the commencement of a lawsuit. In a pre-...
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...
balloon mortgage
A balloon mortgage is a mortgage where the payments are not large enough to pay off the entire mortgage during its amortization period. Thus, the borrower must make an extra-large payment at the end of the amortization period to fully pay off...
balloon payment
Balloon payments refer to very large payments at the end of some short-term loans called balloon loans. Balloon loans are used in commercial settings and sometimes for personal loans, but since the balloon payment often is more than twice the...
biweekly mortgage
Biweekly mortgage is defined as an option of paying a mortgage, in which payments are made every 2 weeks as opposed to the traditional payment schedule in which 12 monthly payments are made every year.
[Last updated in...