The Real Estate
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HOEPA
The Home Ownership and Equity Protection Act (“HOEPA”) is a federal consumer protection law enacted in 1994 as an amendment to the Truth in Lending Act (“TILA”) to address abusive lending practices associated with certain high-cost mortgage loans. HOEPA establishes...
Gramm-Leach-Bliley Act (GLBA)
The Gramm-Leach-Bliley Act (“GLBA”), enacted in 1999, is a federal law that governs how financial institutions collect, protect, and share consumers’ nonpublic personal information. The law applies to a broad range of financial institutions, including banks, mortgage...
Hard Pull (on credit)
A “hard pull” (also called a hard inquiry) on a credit report occurs when a lender reviews a borrower’s credit history as part of a formal application for credit, such as a mortgage loan. In the mortgage context, the lender obtains the borrower’s credit report from...
Insurable Value
In real estate and insurance, Insurable Value refers to the amount for which a property is insured against loss or damage. It typically includes the value of the improvements, such as buildings and structures, but excludes the value of the land and other components...
Negative Amortization
In real estate finance, negative amortization is a condition that occurs when the required loan payment is less than the interest accruing on the loan. As a result, unpaid interest is added to the principal balance rather than being fully paid each period. Even though...
Junior Mortgage
In real estate finance, a Junior Mortgage is a mortgage that has a lower priority than a first mortgage on the same property. Because priority is usually determined by the order of recording, a junior mortgage is recorded after the first mortgage. In the event of...
Judgment Lien
In real estate law, a Judgment Lien is an involuntary lien placed against the property of a debtor as a result of a court judgment. When a creditor obtains a money judgment, the lien may attach to the debtor’s real property to secure payment of the debt. A judgment...
Judgment
In real estate and legal contexts, a Judgment is the final decision issued by a court that has authority over a particular case. It resolves the legal rights and obligations of the parties involved. Judgments may take the form of money judgments, requiring payment of...
Joint Venture
In real estate, a Joint Venture is a business arrangement in which two or more individuals or firms combine their resources to undertake a single project or investment. Each party contributes capital, expertise, or services and shares in the profits, losses, and risks...
Joint Tenancy
In real estate law, Joint Tenancy is a form of co ownership in which two or more persons hold equal, undivided interests in the same property. The interests are created by the same conveyance, begin at the same time, and carry equal rights of possession. A defining...