Straw man is a third party that holds property in intermission for the sole purpose of transferring it to another. In property law, a straw man would be the person whom a grantor transfers land to for some reason; (sometimes known as a "front...
mortgages
subprime loan
A subprime loan is a loan made to a borrower who is not eligible for the best market rates (known as prime rates), but rather at a higher rate of interest because of increased risk factors.
Subprime borrowers usually have...
subprime mortgage
A subprime mortgage is a subprime loan used as a mortgage (to buy property, such as a house).
See also: debt, credit score
[Last updated in June of 2022 by the Wex Definitions Team]
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
Workout is an arrangement negotiated between a debtor and creditor to take care of a debt, by paying it off or through loan forgiveness. A workout agreement is a mutual agreement entered into by a borrower and a lender to reschedule the terms...