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Today's Terms
Bankruptcy
Definition:
A federal law Whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay.
Default
Definition:
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
Closing costs
Definition:
Customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.
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