24 CFR Part 27 – Nonjudicial Foreclosure of Multifamily and Single Family Mortgages
Current as of: 2024 | Check for updates
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Subpart A | Nonjudicial Foreclosure of Multifamily Mortgages |
Subpart B | Nonjudicial Foreclosure of Single Family Mortgages |
Terms Used In 24 CFR Part 27 - Nonjudicial Foreclosure of Multifamily and Single Family Mortgages
- Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Amortization: Paying off a loan by regular installments.
- Appraisal: A determination of property value.
- Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. Source: OCC
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.