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Foreclosure Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
market valueThe highest price that a buyer and the lowest price that a seller would accept, neither one being compelled to buy or sell.
MBASee Mortgage Bankers Association of America.
mortgageA mortgage is an interest in land created by a written instrument providing security for the payment of a debt. Whereas the note is evidence of the debt and a promise to pay, the mortgage provides security (collateral) for the lender. (See “note.”)
Mortgage Bankers Association of America (MBA)A national trade association of mortgage bankers and other organizations engaged in the business of mortgage financing.
mortgage discountThe percentage difference between the principal amount of a mortgage and the selling price.
mortgage insurance premium (MIP)The amount paid by a mortgagor for mortgage insurance required for all FHA-insured mortgages and for some conventional mortgages insured by a private agency.
mortgageeThe lender in a mortgage transaction.
mortgagee clauseA clause that may be attached to an insurance policy stipulating that the lender will receive a portion of insurance proceeds sufficient to satisfy the unpaid amount of a loan in the event of a loss.
mortgagorThe borrower in a mortgage transaction who pledges property as a security for a debt.