Credit Card Debt Settlement – 5 Terms for Today
The Credit Card Cure Co-op provides tons of tools to help you settle your credit card debts…including a list of frequently asked questions and an extensive glossary of terms.
I hope these “5 terms for today”, January 15th help you in some small way!
Asset: Anything of monetary value that is owned by a person or company. Assets include
real property, personal property, stocks, mutual funds, etc.
Assignment: The transfer of property to be held in trust or to be used for the benefit of the
creditors (lenders).
Assignment of Mortgage: A document evidencing the transfer of ownership of a
mortgage from one person to another.
Assumable Mortgage: A mortgage loan that can be taken over (assumed) by the buyer
when a home is sold. An assumption of a mortgage is a transaction in which the buyer
of real property takes over the seller’s existing mortgage; the seller remains liable
unless released by the lender from the obligation. If the mortgage contains a due-onsale
clause, the loan may not be assumed without the lender’s consent.
Assumption: A homebuyer’s agreement to take on the primary responsibility for paying
an existing mortgage from a home seller.
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