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MASTER PLAN A comprehensive plan to guide the long-term physical development of a particular area. REFINANCING The process of paying off one loan with the proceeds from a new loan secured by the same property. ARBITRATION The non-judicial submission of a controversy to selected third parties for their determination in the manner provided by agreement or by law. BANKRUPTCY A proceeding in a federal court to relieve certain debts of a person or a business unable to pay its debts. LOAN ORIGINATION FEE Fee charged by a lender to cover administrative costs of processing a loan. |
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