Credit Card Debt Settlement Terms

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 terms will 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.

All-Inclusive Deed of Trust: Also known as wraparound contact, a mortgage document that includes amount actually financed as part of a property purchase as well as amounts of any prior deeds of trust.

Amortization: Repayment of a mortgage loan through monthly installments of principal plus interest; the monthly payment amount is based on a schedule that will allow you to pay-off the principal end of a specific time period (for example, 15 or 30 years)

Amortization Schedule: A complete list of payments and the time the payments are due over the life of a loan. Each payment shows the corresponding portions paid for interest and to principal and reflects the changes to principal balance until the loan is paid-in-full.

Annual Fee: A flat yearly charge like a membership fee to a club

Annual Percentage Rate (APR): Calculated by using a standard formula, the APR shows the cost of a loan; expressed as a yearly interest rate, it includes the interest, points, mortgage insurance, and other fees associated with the loan.

by: Rocky Rockwood

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