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A charge-off or chargeoff is a declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. Traditionally, creditors make this declaration at the point of six months without payment. A charge-off is a form of write-off .
Mortgage forbearance allows you to pause your mortgage payments, usually for up to six months, when you are having a financial hardship. When forbearance ends, you may ask for an extension, modify ...
The Paycheck Protection Program ( PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations ...
Credit default swap. A credit default swap ( CDS) is a financial swap agreement that the seller of the CDS will compensate the buyer in the event of a debt default (by the debtor) or other credit event. [ 1] That is, the seller of the CDS insures the buyer against some reference asset defaulting.
Mortgage protection insurance is an insurance policy that pays off the remainder of your mortgage if you pass away or if you become disabled and can’t work. In that way, it functions similarly ...
If you miss one mortgage payment, lenders will often issue you a 15-day grace period to pay without incurring a penalty. If you miss four consecutive mortgage payments (or are 120 days late), most ...
The Home Ownership and Equity Protection Act (HOEPA) is a federal law that aims to protect consumers from predatory mortgage lending. HOEPA mainly covers high-cost mortgages, which are defined as ...
Forbearance. Forbearance, in the context of a mortgage process, is a special agreement between the lender and the borrower to delay a foreclosure. The literal meaning of forbearance is "holding back". [ 1] This is also referred to as mortgage moratorium .