E Flashcards
1
Q
What is Equity?
A
Equity is the difference between the value of your house and the amount outstanding on your mortgage and any secured loans. For example, if your house is worth $100,000 and you have a mortgage for $40,000 you will have $60,000 in equity.
2
Q
What is an Estate?
A
Anything you own is your estate, for example your house, car and personal belongings. It also includes any rights you have to receive money or goods in the future.
3
Q
What is Eviction?
A
The legal process used to force you to leave your home. Bailiffs may change the locks to the house if you don’t leave voluntarily.
