An unavoidable conclusion reached by the application of reason and logic to known facts.
A person or agency who is instrumental to the outcome of a lawsuit due to having an undeniable interest in the case and whose absence from a case prevents a legal judgment from being properly reached on all applicable issues, but who cannot be joined in the lawsuit due to jurisdictional problems, such as a shift from a state to a federal court.
Refers to a situation where the monthly payments on a loan are not large enough to pay the interest, resulting in the unpaid interest being added to the principal.
Occurs when a condominium places restrictions on a unit deed and trust agreement, limiting the right of an owner to finance the unit for more than a specified dollar amount.
A promissary note, check, bill of exchange, security, or other document representing money payable that has the ability of being transferrable by means of delivery and endorsement, handing the document over to another party who then signs it.
A promissary note in which the borrower has no personal liability for payment.
An asset that is not currently accruing interest or on which interest is not being paid, such as a defaulted mortgage.
Notice to Quit
A notice of eviction given by a landlord to a tenant to leave, or quit, the premises by a certain date, typically 30 days from the date of the notice, or to pay overdue rent or correct some other default, such as housing too many roommates on the property, within a short period of time, typically three days.
Notional Principal Amount
A proposed amount on which interest rate swaps are based, but which is generally not the amount that is paid to or received by either party.
A voluntary agreement between parties to a new contract that acts as a substitute for an old one, the terms of which are then immediately extinguished, or cancelled, in deference to the terms of the new contract.