Terminologies for Alphabet Q-T

Sam · Last edited by Sam on Thu Jan 10, 2013 5:20 am

Terms for Q

Quitclaim Deed
Quit Claim Deed refers to a deed that transfers, without warranty, a grantor's interest in the ...

Terms for R

Rate Cap
Rate Cap is a limit by which the interest rate on an adjustable rate mortgage (ARM) can ...
Real Estate Mortgage
Real Estate Mortgage helps in the purchasing or financing of real estate is known as real ...
Real Estate Settlement Procedure Act (RESPA)
RESPA (Real Estate Settlement Procedures Act) is a consumer protection statute passed in ...
Reconveyance Clause
Reconveyance Clause is a statement in the deed of trust (used in mortgage transactions) that ...
Recording Fees
Recording Fee is a fee that the local government charges in order to record a mortgage ...
Refinancing
Refinancing means the taking of a new mortgage loan in order to replace an existing one using ...
Renegotiable Rate Mortgage
Renegotiable Rate Mortgage is a kind of home loan introduced by the Federal Home Loan Bank ...
Repayment Plan
A repayment plan refers to an agreement between the lender and the borrower when the ...
Replacement Reserve
Mortgage lenders make payments on taxes and insurance from the borrower's monthly ...
Rescission
In contract law, rescission implies that a contract between different parties is cancelled. This ...
Retail Sales
Retail Sales are an indicator, prepared monthly by the Commerce Department that measures ...
Retirement Plan 401(k)
Are you in service for a long time and thinking how to save money for your retired life? You ...
Retirement Plan 403(b)
There are a number of ways by which you can make money. But your expenses hardly allow ...
Reverse Annuity Mortgage
Reverse annuity mortgage (RAM) is a mortgage loan program designed specially for senior ...
Right of Ingress or Regress
Right of Ingress or Regress is an excellent combination of two terms ''Ingress'' and ''Regress'' ...
Risk-based Capital
Risk Based Capital is a capital standard adopted for saving institutions in 1989. It requires ...
Rate Improvement Mortgage
Rate improvement mortgage is a fixed rate mortgage that includes a clause allowing the ...
Recordation Exam
The recordation exam includes a fee charged by the title company. The title company reviews ...
Recording
Recording refers to the filing of a legal document. Documents such as deed, mortgage note ...
Rehabilitation Mortgage
Are you planning to purchase a property and then renovate it? Well then, you may go for a ...
Rent Loss Insurance
Rent loss insurance policies are required in case you have offered your property as rent and ...
Renters Insurance
Renters Insurance is a policy that pays for replacement of possessions, and not for loss or ...
Repayment Mortgage
Repayment mortgage is the most common type of mortgage, where principal and interest ...
Revolving Credit
Revolving Credit is a credit agreement that allows a customer, to borrow against a pre ...
Right of First Refusal
Right of First Refusal refers to a provision in an agreement which states that a specified party ...

Terms for S

Sale-Leaseback
Sale-Leaseback is a financing technique in which a property is sold off to an investor who ...
Sales contract
Sales contract is a purchase agreement between the buyer and seller of a property. The ...
Secured Loan
Secured loan refers to the borrowed loan that is backed by collateral. It requires some form ...
Self Certification Mortgage
Self Certification Mortgage is a type of mortgage, which allows a borrower to state his income ...
Simple Interest Mortgage
Simple Interest Mortgage refers to that mortgage, which comprises of daily calculation of...
Sub Prime Mortgage
Subprime Mortgages are home loans that are offered to people with poor credit history, non ...
Sweat Equity
Sweat equity refers to the quantity of manual labor put into the construction of a ...
Satisfaction of Mortgage
Satisfaction of Mortgage is a document issued by the mortgagee when the mortgage loan ...
Second Mortgage
Second Mortgage is a home loan taken against home equity that is kept as collateral for the ...
Security Interest
The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest ...
Serious Delinquency
Serious Delinquency refers to a single-family mortgage that is 90 days or more past due date. ...
Shared Appreciation Mortgage
The Shared Appreciation Mortgage (SAM) is a new home mortgage concept having fixed ...
Step Mortgage
Two-step mortgage is a kind of hybrid adjustable rate mortgage, that is, it has the features ...
Stockholders Equity
Stockholders Equity refers to the total value of all the assets owned by a person or a ...
Submortgage
Submortgage is that type of arrangement in which a mortgage lender guarantees a ...
Subordinate Financing
Subordinate Financing refers to any loan or mortgage that has a lower priority than that of the ...

Terms for T

Tenancy In Common
Tenancy-in-common is a form of property ownership in which two or more individuals have ...
Title Search
Title Search refers to a search by a title company or attorney in some states of the public ...
Treasury Bonds
Treasury bonds are long-term debt securities issued by the US government. These bonds ...
Tax Certificate
A tax certificate is a certificate issued to the purchaser of property by the state or local ...
Tax Lien
A tax lien is a lien imposed by the government on the title to the property in order to ...
Tax Sale
A Tax deed sale is a forced sale of the property conducted by a government agency on ...
Teaser Rate
Teaser Rate or Introductory Rate is the initial low interest rate charged on an ARM ...
Title Company
A title company is an organization that specializes in: Checking the property title ...
Title Insurance
Title Insurance is an insurance policy which insures the homebuyer or the lender against ...
Title Opinion
Title opinion is a written statement from an attorney which describes the quality of title to ...
Tracker Mortgage
Tracker Mortgage is a very popular mortgage product and is based on Bank of England's ...
Transfer Tax
Real Estate Transfer Tax (RETT) is a tax charged by state or local governments when the ...
Truth-In-Lending Act
The Truth-in-Lending Act was enacted in 1968 as a part of the Consumer Protection Act. The ...

Guest

My sister wanted to by a house but could not get financed..she offered me a great place to live and only 25% responsible provided that i co-signed. Within the first month, she kicked me out. I declined unless my name was cleared..The wonderful sister that she is came to a quick claim resolution. I had know idea what is was and signed...she works in the mortgage field so I thought it was a great "loop-hole". Now i am out of a house (no ownership and responsible for the loan. She has been late 3 times since. It hasn't reached past the 30-day mark but I fear it will hit my credit very soon considering it's has only been 7 months since the closing on house. Any advise? What are my options besides being screwed? I do not want the house, I simply do not want to be responsible for the loan.
Signed,
NEVER TRUST FAMILY

sara · Posted: Wed Jul 19, 2006 10:49 pm Post subject: RE:

Hi,

I think your credit profile will get affected as you are the co-signer and you are responsible for paying the loan if your sister doesn't. But that does not mean she can get away by doing anything she feels.

You should talk to her about the late payments. Also explain your situation to the lender. He is the person who can stop the late payments from getting recorded in your credit report providxed he understands and sympathise with you.

Thanks,

Sara.

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