|
| | |
Partial claim
Partial claim A loss mitigation option offered by the FHA that allows a borrower, with help from a lender, to get an interest-free loan from HUD to bring their mortgage payments up to date.
RELATED TERMS--------------------------------------
Mitigation
Measures taken to reduce adverse impacts on the environment. To make less severe, as in the "mitigation" of enviromental hazards.
Option
A right given to purchase or lease a property upon specified terms within a specified time.
Borrower
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
Help
Homebuyer Education Learning Program; an educational program from the FHA that counsels people about the homebuying process; HELP covers topics like budgeting, finding a home, getting a loan, and home maintenance.
Lender
A term which can refer to the institution making the loan or to the individual representing the firm.
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Mortgage
A legal document pledging property as security for the payment of a loan.
SIMILAR TERMS--------------------------------------
Partial payment
A payment that is not sufficient to cover the scheduled monthly payment on a mortgage loan.
Partial release
A release of a portion of property covered by a mortgage.
Partial release clause
A mortgage provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor.
Partial sales
The sale of an interest in real estate that is less than the whole property.
Partial taking
The taking of part of an owner's property under the laws of eminent domain.
Partial zoning
Zoning that does not consider its effect on other areas.
Participating debt
In addition to collecting a contract interest rate, participating debt allows the lender to have participatory equity rights through a share of increases in income and-or increases in residual value over the loan balance or original value at the time of loan funding.
Participation certificates
Certificates issued by Freddie Mac backed by pools of mortgages.
Participation financing
Where a lender becomes a partner in a development.
Participation mortgage
A mortgage loan wherein the lender has a partial equity interest in the property or receives a portion of the income from the property.
Partition
Co-tenants who wish to terminate their co-ownership may file an action in court to partition the property. Partition is a legal way to dissolve the relationship when the parties do not voluntarily agree to its termination.
Partnership
An association of two or more individuals who carry on a continuing business for profit as co-owners.
Parts per billion (PPB)
Units commonly used to express contamination ratios, as in establishing the maximum permissible amount of a contaminant in water, land, or air. These ratios can also be expressed in "parts per million (ppm)."
Parts per million (PPM)
Units commonly used to express contamination ratios, as in establishing the maximum permissible amount of a contaminant in water, land, or air. These ratios can also be expressed in "parts per billion (ppb)."
Party in interest
Under ERISA's 2002 Modernization Act: Parties in interest include employers, unions and, in certain circumstances, fiduciaries. It excludes service providers and their affiliates. Fiduciaries would only be parties in interest where they act on behalf of a plan sponsor in entering into a transaction.
Party wall
A wall that is located on or at a boundary line between two adjoining parcels of land and is used or is intended to be used by the owners of both properties.
Party wall easement
A party wall can be an exterior wall on a building that straddles the boundary line between two lots, or it can be a commonly shared partition wall between two connected properties.
PREVIOUS AND NEXT TERMS--------------------------------------
Parcel
An officially described piece of land.
Parking ratio
Dividing the total rentable square footage of a building by the building's total number of parking spaces provides the amount of rentable square feet per each individual parking space.
Parking strip
The strip of grass between the sidewalk and the street in front of a house.
Parol evidence rule
A rule of evidence providing that a written agreement is the final expression of the agreement of the parties, not to be modified by oral or written negotiations.
Parole evidence
The legal rule which prevents previous oral or written negotiations to a signed contract from changing the contract.
Partial claim
Partial payment
A payment that is not sufficient to cover the scheduled monthly payment on a mortgage loan.
Partial release
A release of a portion of property covered by a mortgage.
Partial release clause
A mortgage provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor.
Partial sales
The sale of an interest in real estate that is less than the whole property.
Partial taking
The taking of part of an owner's property under the laws of eminent domain.
This dictionary contains 6433 terms. |
|
|
