Terms Used In 12 Guam Code Ann. § 4502

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
As the purpose of the programs contained in Articles 2, 3 and 4 of this Chapter is to assist families and individuals who are lacking the necessary resources for the Down Payment or loan qualification requirements, the qualifying amount of the assistance under such programs shall be directly reduced to the extent that the applicant has available resources to use as a Down Payment or to qualify for the mortgage loan.