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Mobile Home Finance Dictionary > N
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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here. |
Looking for a specific term? Our mobile home dictionary is organized by letter.
National Association of REALTORS®, NAR: A national trade group of real estate licensees.
Negative amortization: A loan in which the outstanding principal balance goes up instead of down because the monthly payments are not large enough to cover the full amount of interest due and being insufficient the unpaid interest needs to be added to the principal amount.
Negative fraud: The act of not disclosing a material fact which thereby induces him or her to enter into a contractual situation that causes him or her damage or loss.
Negotiable: The capablity of being assigned or transferred in the ordinary course of business.
Net income: The profit or money remaining after the expenses have been deducted from all income.
Net listing: A listing that is illegal in most states which provides that the licensee may retain as compensation for the licensee's services all sums received over and above a predetermined net price asked for by the owner.
Nominal tax: The named income tax rate paid.
Nontraditional Credit History: A record of credit performance shown with receipts and check stubs from payments to landlords, utility companies, child-care providers and other applicants who do not have a credit history from traditional loans and other forms of credit.
Notary public: A government-appointed officer having the authority to take the acknowledgments of persons executing or signing documents and a party who signs the certificate and affixes an official seal.
Note: A unilateral written agreement acknowledging a debt concerning real property that contains an express and absolute promise with the signer promising to pay according to the specified terms and conditions to a named person, or order, or bearer, a definite sum of money at a specified date or on demand and that usually provides for interest and which is secured by a mortgage or trust deed. Also called a promissory note.
Notice of default: A letter sent as a reminder to a borrower who has breached one or more of the loan covenants that may indicate the grace period and any penalties for failing to cure the default.
Notice of intention to sell: A document that is recorded and published prior to the sale of a business opportunity in order to give the seller's creditors notice. Also called notice to creditors of bulk transfer.
Null and void: Being of no legal validity or effect.
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