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Word |
Definition |
| Negative Amortization |
A condition created when a loan payment is less than interest alone. Even though payments are made on time, the amount owing increases. |
| Non-Assumption Clause |
A statement in a mortgage contract forbidding the assumption of the mortgage without the prior approval of the lender |
| Non-Conforming |
Use A property which does not conform to the zoning of the area. |
| Note |
A unilateral agreement containing an express and absolute promise of the signer to pay to a named person, or order, or bearer, a definite sum of money at a specified date or on demand. Usually provides for interest and, concerning real property, is secured by a mortgage or trust deed. |
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