Category: Glossary

Notice of Rescission | A legal document used when the defaulting party has cured or corrected the default

Notice of Default (NOD) | A notice that is sent out by the lender when a mortgage payment is late in an attempt to cure or make the loan current.

NARCA | National Association of Retail Collection Attorneys.

Mortgagor | The person who borrows the money from a lender to purchase a property.

Mortgagee | The entity, usually a bank or financial institution, who lends money to a borrower.

Mortgage | An interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt.

Mechanic’s lien | A claim created by state statutes for the purpose of securing priority of payment of the price or value of work performed and materials furnished in erecting or repairing a building or other structure, and as such, attaches to the land as well as buildings and improvements erected thereon.

Marketable Title | A title with no claims or defects that could otherwise hinder a property being sold.

Lot Book Report | A title record report given by a title company which announces any encumbrances recorded against the property.