Manufactured Housing - Notice of Default

MANUFACTURED HOUSING:
Refers to a housing unit that was successfully installed with the use of pre-fabricated components such as the walls, floors, and roof.

MARGIN:
Is the amount that is either added to or deducted from say a mortgage interest.

MARKET PRICE:
Refers to the actual amount of an asset at the time it was purchased.

MARKET RENT:
Is the amount that any home owner could ask his renters to pay him according to the economic times.

MARKET VALUE:
Refers to the suggested price of an asset according to the economic times.

MARKETABLE TITLE:
Refers to a real estate property that has a clear title and could be sold anytime.

MASTER LEASE:
Is the primary lease of any real estate property.

MATURITY DATE:
Refers to the date when a mortgage loan matures, thus, needs to be paid.

METROPOLITAN AREA:
Refers to any location within and around the city’s landscape.

MINIMUM DOWNPAYMENT:
Is the lowest amount of cash that a buyer needs to pay in order for a purchase transaction to proceed.

MINIMUM LOT SIZE:
Refers to the minimum size of lot that is allowed in a city or municipality’s zoning ordinance.

MINIMUM PAYMENT:
Is the minimum amount of cash that a debtor is permitted to pay to a mortgage loan.

MIXED-USE COMMERCIAL PROJECT:
Refers to a land improvement that has been developed in such a way that it is able to accommodate not one but two or more uses of the lot involved.

MOBILE HOME:
Is a kind of housing unit that could be transported from one place to another, as it has wheels and an engine.

MOBILE HOME PARK:
Refers to a location where mobile homes come together either permanently or temporarily.

MODEL HOME:
Is a housing unit that a land developer constructed for the purpose of it serving as a replica of the other homes in the subdivision or condominium development, which probable buyers could inspect to be able to get a feel of how the other unfinished houses in the area would look like.

MODULAR HOUSING:
Is a dwelling that is made of pre-fabricated materials.

MORATORIUM:
Refers to a momentary stoppage of goings-on.

MORTGAGE:
Is a kind of loan that has been protected using a real estate property.

MORTGAGE BACK:
Is the same as a “vendor take-back mortgage”, wherein the vendee purchases a property using cash in the payment of a part of the property involved and pays the rest through a structured loan payment scheme.

MORTGAGE BANKER:
Refers to a company that provides people with money to be able to buy a real estate property but would sometime ask for financial help from wealthier banks in order that excessive cash requests could be covered.

MORTGAGE BROKER:
Is a person that helps borrowers look for reputable lenders.

MORTGAGE INSURANCE:
Refers to a kind of insurance that will make sure that the cash a borrower loans will be paid in case the debtor becomes unable to pay the said loan.

MORTGAGE VALUE:
Refers to the estimated value of an asset done so that its owner could loan using the said asset as security.

MORTGAGEE:
Is the person whom a debtor borrows cash from.

MORTGAGOR:
Is the person who borrows the cash is a mortgage deal.

MULTI-DWELLING UNITS:
Refers to a housing unit that can accommodate two or more families in separate units with the same housing unit being owned by only one person.

MULTIFAMILY HOUSING:
Is the same as multi-dwelling units.

MULTIPLE LISTING SERVICE (MLS):
Refers to a kind of real estate service that agents and brokers operate to help people looking for properties on sale be able to find what they are looking for.

MUNICIPAL ADDRESS:
Refers to the exact location of a real estate property.

MUNICIPALITY:
Is the term given to any local government unit.

NATURAL VACANCY RATE:
Refers to the normal percentage of unoccupied real estate properties.

NEGATIVE AMORTIZATION:
Happens when regular payments to a mortgage loan could no longer cover the interest that has accumulated overtime and as a result the mortgage amount has increased.

NEGATIVE AMORTIZATION CAP:
Is the limit allowable in a negative amortization scenario.

NEGATIVE CASH FLOW:
Happens when a commercial entity has cash in its coffers that is less than the amount needed for it to continue its operations.

NEIGHBORHOOD:
Refers to a place in a municipality or city that is identified through its common use or atmosphere.

NEW ENGLAND COLONIAL:
Refers to a home that has been constructed in Early American Society, has two and one-half stories, is symmetrically shaped, and has a gable roof made of clapboard siding.

NO MONEY DOWN:
Means that a person could get a hold of a real estate property’s title without having to pay anything.

NON-ASSUMPTION CLAUSE:
Refers to a portion in a mortgage contract that disallows a person from transferring a loan to another person without the permission of the mortgage lender.

NON-CONFORMING USE:
Happens when a person utilizes a property that is the opposite of how it should be utilized per zoning guidelines and by-laws, which makes the utilization an illegal one.

NONEXCLUSIVE LISTING:
Refers to a listing of real estate properties that has no known owner.

NOTICE OF DEFAULT:
Is a document in writing that a lender sends a borrower calling his attention on his inability to pay for his loan dues and that there might some legal repercussions in the near future.