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.