Real Estate Mortgage Home Equity Loan,

REFORMATION
A legal action to correct or modify a contract or deed which has not accurately reflected the intentions of the parties due to some mechanical error, such as a typo graphical error in the legal description.

TOWNHOUSE
A type of dwelling unit normally having two floors, with the living area and kitchen on the base floor and the bedrooms located on the second floor.

DURESS
Unlawful constraint or action exercised upon a person whereby he is forced to perform some act against his will. A contract entered into under duress is void.

LATE CHARGE
Penalty paid by a borrower when a payment is made after the due date.

TENANCY BY THE ENTIRETY
A special joint tenancy between a lawfully married husband and wife, which places all title to the property into the marital unit, with both spouses having an equal, undivided interest in the whole property.

LATE CHARGE
Penalty paid by a borrower when a payment is made after the due date.

FEDERAL TRADE COMMISSION (FTC)
A federal agency created to investigate and eliminate unfair and deceptive trade practices in business.

PIGGYBACK LOAN
A joint loan with two lenders sharing a single mortgage.

OPINION OF TITLE
An opinion by a person competent in examining titles, usually a title attorney, as to the status of the title of a property.

WAIVER
Voluntary relinquishment or surrender of some right or privilege.

PARTIAL RELEASE
A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money.

LIEN
A legal claim by one person on the property of another for security for payment of a debt.

USURY
Interest charged in excess of the legal rate established by law.

LESS-THAN-FREEHOLD ESTATE
An estate held by one who rents or leases property. This classification includes an estate for years, periodic tenancy, estate at will, and estate at sufferance.