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HEIR A person who inherits under a will or a person who succeeds to property by the laws of descent if the decedent dies without a will (intestate). COMPOUND INTEREST Interest which is computed upon the principal sum plus accrued interest. LIBOR (LONDON INTERBANK OFFERED RATE) The interest rate charged among banks in the foreign market for short-term loans to one another. A common index for ARM loans. BUDGET MORTGAGE A mortgage with payments set up to cover more than interest and principal reductions. LATERAL AND SUBJACENT SUPPORT The support received by a parcel of real property from the land adjoining it is called lateral support. Subjacent support is that support which the surface of the earth receives from its underlying strata. COMMERCIAL PROPERTY A classification of real estate which includes income producing property such as office buildings, gasoline stations, restaurants, shopping centers, hotels and motels, parking lots and stores, and other similar uses. DEFICIENCY JUDGEMENT A judgment against a borrower, endorser, or guarantor for the balance of the debt issued when the security for a loan is insufficient to satisfy the debt. |
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