HUD-1 is a standard form that closing agents give to mortgage loan borrowers on the date the real estate purchase closes, detailing all the costs associated with the closing. These costs include not only those arising from the loan itself...
mortgages
hybrid adjustable rate mortgage
Hybrid adjustable rate mortgages (Hybrid ARM) are a type of mortgage whose interest remains fixed for a certain period then changes over time based upon a market index. In contrast, fixed rate mortgages made for 15, 20, or 30 years have a set...
hypothecate
Hypothecate means to pledge something as security for a loan, without the actual delivery of the item pledged. For example, a car may be collateral for a car loan, although possession remains with the borrower.
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impairs an exemption
Impairment of exemption occurs when a lien, in combination with other liens and the amount a debtor may claim as exempt, exceeds the value of property.
For example, if a debtor's home is worth $200,000; the debtor is...
in lieu
In lieu means “instead of” or “in the place of.” For example, a deed in lieu of foreclosure is a deed to a house offered to the lender by the homeowner so that the lender will not foreclose.
[Last updated in April of 2022 by the...
incapacitated
The term incapacitated is referring to one's physical or mental inability to manage one's own affairs. Incapacity is a consideration in various areas of the law, notably wills and estates. Indeed, a will may be found void where it can be...
judicial foreclosure
In some jurisdictions, mortgagees must get a court order to foreclose on a mortgage. This is called a judicial foreclosure. Judicial foreclosures (like all foreclosures), are governed by the law of the jurisdiction that the mortgaged property...
jumbo loan
A jumbo loan, or jumbo mortgage, is a mortgage loan that exceeds the limit set by the Federal Housing Finance Agency (FHFA). The 2023 FHFA limit for a single-family home in most states is $726,200. There are exceptions for high-cost areas...
kin
Kin is a blood relative. The term “kin” is ordinarily applied to relationships through ties of blood or consanguinity. However, it is sometimes used generally to include relatives by marriage or adoption. Kin is also called kindred, kinsman,...
lien creditor
A lien creditor is a creditor with a security interest in the debtor’s property to support the creditor’s claim.
The Uniform Commercial Code §9-102(52) defines a lien creditor as:
A creditor that has acquired a lien...