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GUARDIAN One who is given the lawful custody and care of another(called a ward). INDUSTRIAL PARK An area zoned industrial and containing sites for many separate industries and developed and managed as a unit, usually with provisions for common services for the users. CERTIFICATE OF REASONABLE VALUE (CRV) A certificate issued by the Veterans Administration setting forth a property's current market value estimate, based upon a VA approved appraisal. GOOD WILL An intangible, salable asset arising from the reputation of a business. INTEREST RATE CAP Consumer safeguards which limit the amount the interest rate on an ARM loan can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index. WRAP-AROUND MORTGAGE A method of refinancing in which the new mortgage is placed in a secondary or subordinate position. In essence, it is an additional mortgage in which another lender refinances a borrower by lending an amount over the existing first mortgage amount, without cashing out or distributing the existence of the first mortgage. FORECLOSURE A legal procedure whereby property used as security for debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document. FHA See Federal Housing Administration. CALL OPTION A provision of a note which allows the lender to require repayment of the loan in full before the end of the loan term. The option may be exercised due to breach of the terms of the loan or at the discretion of the lender. |
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