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Back Title Letter
In cases when a title has been previously researched by a reliable examiner, a “back title letter” or “back title certificate” is sometimes provided by a title insurance company and states the condition of the title at the time of the previous examination, allowing subsequent examiners to start their research from the date of last examination and continue up through the present.
Balloon Payment
The final lump sum payment that is made at the maturity date of a balloon mortgage.
Bankruptcy
A special proceeding under federal or state law in which a debtor can be released from payment of certain obligations. Individuals who file for bankruptcy will have it appear on their credit record, where it will remain for seven years, severely limiting that individual's ability to borrow from creditors during that time period.
Beneficiary
Also called a mortgagee, a beneficiary is a lender who makes a loan (mortgage) to a borrower (mortgagor).
Blanket Mortgage
A mortgage or trust deed that covers more than one property (often an entire subdivision) owned by the same borrower. Ordinarily, partial reconveyance (release from the blanket mortgage) is obtained as individual lots are sold.
Bona Fide
In good faith, without fraud.
Breach of Contract
The failure to perform provisions of a contract, in whole or part, without a legal excuse.
Building Code
Local regulations that control design, construction, and materials used in construction. Building codes are based on safety and health standards.
Buy-down mortgage
Usually in effect for the first one to five years of the loan, a buy-down is a home loan in which the lender receives a premium as an incentive to reduce the interest rate.
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