|
| | |
Reaffirmation agreement
Reaffirmation agreement An agreement by a Chapter 7 debtor to continue paying a dischargeable debt after the bankruptcy, usually to keep collateral or mortgaged property that would otherwise be subject to repossession.
RELATED TERMS--------------------------------------
Debtor
One who owes money; a borrower, a maker of a note; a mortgagor.
Debt
An amount owed to another.
Bankruptcy
Proceedings under federal statutes to relieve a debtor who is unable or unwilling to pay its debts.
Collateral
In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Repossession
Usually occurs after a borrower seriously defaults on payments. The lender then legally evicts the borrower and usually auctions the property to recover losses.
SIMILAR TERMS--------------------------------------
PREVIOUS AND NEXT TERMS--------------------------------------
Rating
Grade, assigned by a rating agency, designating the credit quality or creditworthiness of the underlying assets.
Rating agencies
Independent firms engaged to rate the creditworthiness of securities for the benefit of investors.
Raw land
Unimproved land that remains in its natural state.
Raw space
Unimproved shell space in a building.
Ready, willing and able buyer
One who is prepared to buy property on the seller's terms and is ready to take positive steps to consummate the transaction.
Reaffirmation agreement
Real estate
Land and everything permanently attached to land; sometimes used interchangeably with the terms real property and realty.
Real estate advisory commission
A ten member panel appointed by the Real Estate Commissioner, who preside over meetings.
Real estate agent
A person licensed to negotiate and transact the sale of real estate.
Real estate assistant
A real estate assistant is a combination of office manager, marketer, organizer and facilitator with a fundamental understanding of the real estate industry.
Real estate attorney
A lawyer who specializes in the transfer of land and buildings and property tax issues.
This dictionary contains 6433 terms. |
|
|
