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HUD Housing and Urban Development. A U.S. government agency established to implement federal housing and community development programs; oversees the Federal Housing Administration. NEGATIVE CASH FLOW The investment situation where cash expenditures to maintain an investment (taxes, mortgage payments, maintenance, etc.) exceed the cash income received from the investment. NON-ASSUMPTION CLAUSE A statement in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender. IMPUTED INTEREST Interest implied by the federal tax law. ATTORNEY-IN-FACT One who is authorized by another to act in his place under a power of attorney. DELINQUENCY Failure to make payments as agreed in the loan agreement. BUSINESS DAYS Days of the week excluding Saturdays, Sundays, and holidays; normal working days. |
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