by Myers Jackson | Dec 31, 2024 | Auction News
Collateral An asset that is pledged as security for a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the loan agreement. In the case of a mortgage, the collateral would be the house and real property. Real estate...
by Myers Jackson | Dec 31, 2024 | Auction News
Multifamily Mortgage A mortgage loan on a building with five or more dwelling units. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON For all active auctions, and properties for...
by Myers Jackson | Dec 31, 2024 | Auction News
Assumption A homebuyer’s agreement to take on the primary responsibility for paying an existing mortgage from a home seller. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON For...
by Myers Jackson | Dec 31, 2024 | Auction News
Mortgagor The owner of real estate who pledges property as security for the repayment of a debt; the borrower. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON For all active...
by Myers Jackson | Dec 31, 2024 | Auction News
Co-borrower Any borrower other than the first borrower whose name appears on the application and mortgage note, even when that person owns the property jointly with the first borrower and shares liability for the note. Real estate words and definition CLICK...
