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Loanfactz DefinitionsGlossary 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.
Sallie Mae A federally established, publicly traded corporation which buys student loans from colleges and other lenders, pools them and sells them to investors. In this way, Sallie Mae is able to provide financing to providers of student loans. Savings and Time Deposits Savings and time deposits are covered by regulations that prohibit inaccurate or misleading advertising. Scam A scam is a planned out fraudulent scheme (a con man's plan) to cheat, deceit, swindle or defraud a person. Scam is a slang term for fraud, fraudulent business scheme, confidence game or confidence trick. Anyone can be a scammer or con artist, and anyone can be a victim of a scam. Scams are preformed by individuals who trick or con you into trusting them, making you believe that something false is real. They fool you. Scammers do this for their own personal gain (or to damage another individual), usually to obtain money, objects, property or services illegally. Example: - Home Improvement - Some individuals posing as home repair specialists are simply con artists looking for easy money, making homeowners victims of poor, overpriced, or never-completed work. Similar Words - Grift, Con game, Deception, Gaffle, Dirty pool, Shakedown, Rip-off, Snow job, Double-cross, Bunco, Double-dealing, Flim-flam, Crooked deal, Fast one, Hosing, Racket, Shady deal, Hoax, Sham, Hustle, Shell game, Extortion, Sucker game, Fraud, Sting. More about SCAMS & FRAUDS and Consumer Abuse.
Second Mortgage A second loan on a piece of property. It often carries a shorter term and a higher interest rate than the original mortgage. The original mortgage and the second mortgage are secured on your property, but the the legal charge of a second mortgage ranks behind or second to the original mortgage, making it a higher risk for the lender. A second mortgage is also called a junior mortgage. Secured Loan A loan where the borrower (you) offers a collateral (asset, your home) to which the lender has access in the event of the borrower (you) fails to make the loan repayments. Your home would be considered security and, therefore, can be claimed by the lender if default (unable to make the repayments on your loan) occurs. Secured loans are as the name suggests, secured on your home. Security Interest The lender's right to take the borrower's property or a portion of the property offered as security to ensure repayment of a debt. Seller's Market A condition of the market in which seller's have the advantage over buyer's due to buyer's significantly outnumbering seller's, therefore causing a shortage of goods available for sale, resulting in higher prices favoring the seller. Opposite of a buyer's market. Settlement Another name for closing. Short Term Usually one year or less, often used to refer to bonds or loans. Stafford Loan Stafford Loans are federal student loans made to eligible students to help pay their higher education expenses. Stafford Loans are made under the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) Program. Stipulations (STIPS) Documentation may be required to prove items on your initial credit application, Proof of Income (POI), Proof of Address (POR), Telephone Bill, Mortgage Statement, Lease Agreement. Subprime Lender A bank, business, finance company or other financial institution, who will approve a subprime loan to a high risk borrower who may not be able to qualify for a conventional loan because of bad credit problems. The lender charges a higher interest rate on a subprime loan, due to the increased risk of the borrower. Subprime lenders are largely unregulated by the federal government. More about Subprime Loans Subprime Loan Subprime loans are for high risk borrowers who previously would have been denied credit and may not qualify for a conventional loan due to bad credit problems. Subprime loans have a higher interest rate than prime loans becuase of the increased credit risk to lenders. More about Subprime Loans Subsidized Loans Know as Federal Direct Stafford - Ford Loan. Also referred to as Direct Subsidized Loan. A federally financed and subsidized student loan made on the basis of the student's financial need and other specific eligibility requirements. The federal government does not charge interest on these loans while borrowers are enrolled at least half time, during a six month grace period, or during authorized periods of deferment. Supplemental Loan for Students (SLS) Federal loans for financially independent students. Prior to July 1, 1994, Supplemental Loan for Students (SLS) loans were available for independent students who were not qualified for sufficient financial aid under the FFEL Stafford loan program. Graduate and professional students, independent students and, in some cases, dependent undergraduate students could participate in this loan program. This program was eliminated in 1994 with the creation of the Unsubsidized Stafford Loan program. Sweat Equity A program using the labor of the purchaser (rather than cash) to build or improve a property as part of the down payment. |
SCAMS & FRAUD
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