The HSH Mortgage Glossary T-Z
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The Mortgage Glossary Index:
Acronym for the Troubled Asset Relief Program, a voluntary Capital Purchase Program to encourage US financial institutions to build capital to increase the flow of financing to US businesses and consumers and to support the U.S. economy. See also this this Wikipedia article for more.
A deed to a property purchased at a public sale. See also Tax Sale
Tenancy In Common
Joint ownership by two or more persons. Each person has equal rights to the property but without any right of survivorship. Ownership does not pass to the others in the event of death.
A form of ownership in real property similar to a condominium or cooperative. Generally, a series of residential units which share common walls with the adjacent units, but stand on individual lots. Owners have title to the unit and lot that they occupy. The common areas and the building exteriors are owned jointly.
A federal law and supporting regulations which require lenders to fully disclose, in writing, the terms and conditions of a loan, mortgage, or other credit. Lenders are required to specify the rate, term, fees, and other characteristics, including an Annual Percentage Rate (APR).
A deed in which the seller guarantees that title is free and clear of encumbrances other than any stated in it the contract or deed. See Quitclaim Deed
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