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NEGATIVE AMORTIZATION A loan payment schedule in which the outstanding principal balance of a loan goes up rather than down because the payments do not cover the full amount of interest due. The monthly shortfall in payment is added to the unpaid principal balance of the loan. TENANCY IN COMMON A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property; frequently found when the parties acquire title by descent or by will. PUNCH LIST A discrepancy list showing defects in construction which need some corrective work to bring the building up to standards set by the plans and specifications. FORECLOSURE (OR REPOSSESSION) Legal process by which a mortgaged property may be sold to pay off a mortgage loan that is in default. AMORTIZATION Repayment of a loan with periodic payments of both principal and interest calculated to payoff the loan at the end of a fixed period of time. |
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