Loanfactz Dictionary, Glossary of Legal Terms, Loan Terms, Definitions

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Loanfactz Definitions

Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.

All of C

Collateral

Property, such as stocks, bonds or a car, which is used as security for a * debt, giving the lender the right to take your property if you * default on the terms of the loan. In the case of a * mortgage, the collateral would be the land, the house, and other buildings and improvements.

Glossary For This Page
(In Alphabetical Order)

* Debt
Something owed by one person to another that must be repaid, such as money borrowed, or goods, or services.

* Default
Failure to perform a legal obligation. A default includes failure to make the payments on a financial obligation, but may also be a failure to perform some action or service that is non monetary (not relating to money).

* Lien
A claim or charge on property for payment of some debt. With respect to a mortgage, it is the right of the lender to take the title to your property if you do not make the payments due on the mortgage.

* Mortgage
A mortgage is a legal document you sign to show that you have granted the lender a * lien on your property as security for repayment of a loan, giving the lender the right to take your property if you default on the terms of the loan. Some states call it a deed of trust instead of a mortgage.

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