Payment Flashcards
1
Q
Default
A
when lender doesn’t pay the full amount of each payment on the date that its due .
2
Q
Loan
A
the debt evidence by the note , plus interest , any prepayment charges and lated charges are due under the note and all the sums due under this security instrument ,plus interest.
3
Q
RESPA
A
Real Estate Settlement Procedures Act refers to all requirement and restrictions that are imposed in regard to a “ federally related mortgage loan
