Usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment of the remaining amount of the principal at a time specified in the contract.
A provision of Federal Law whereby a debtor surrenders his assets to the Bankruptcy Court and is relieved of the future obligation to repay his unsecured debts. After bankruptcy, the debtor is discharged and his unsecured creditors may not pursue further collection efforts against him. Secured creditors, those holding deeds of trust or judgment liens, continue to be secured by the property, but they may not take other action to collect from the debtor. Some debts may not be discharged.
A person named to receive a benefit from a trust. A contingent beneficiary has conditional rights, usually invoked when the contingent beneficiary is preceded in death by the primary beneficiary.
When the lender and/or the home builder subsidize the mortgage by lowering the interest rate during the first few years of the loan. While the payments are initially low, they will increase when the subsidy expires.
