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A Catastrophe Foretold - Common Dreams"Increased subprime lending has been associated with higher levels of delinquency, foreclosure and, in some cases, abusive lending practices." So declared Edward M. Gramlich, a Federal Reserve official. These days a lot of people are saying things ...
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Today's Mortgage Terms starting with N
Notice of Default: A step in the foreclosure process in which the lender formally informs the court that the borrower is in late in payments.
Non-Assumption Clause: A provision in a mortgage contract preventing the assumption of the mortgage by another borrower without the lenders permission.
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