R Flashcards
1
Q
What is Repossession?
A
The legal process where a mortgage lender or secured loan provider takes ownership of a property, most commonly with a car. If you miss mortgage payments, your lender may ask the courts to evict you from your house. Your lender will then sell the property.
2
Q
What is a Revolving Line of Credit?
A
Revolving Line of Credit is a loan agreement in which a certain amount of money can be borrowed. Till the loan is repaid, the borrower can get hold of more
money up to the limit of the agreement. For obtaining that credit one does not need to apply for a new loan. The method is widely used by Home equity lines of credit and credit cards.
