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When a debt is repaid by making another loan on different terms.

Contributors in Refinance



Banking; Refinance

If you are facing a temporary hardship, your lender may offer you a deferment. A deferment is a postponement of your home loan payments for a set period of time. This does not release you from having ...

trial period plan notice

Banking; Refinance

A Trial Period Plan Notice is a letter that outlines the terms and the amount of your Trial Period Plan mortgage payments for the Home Affordable Modification Program.

temporary hardship

Banking; Refinance

A temporary hardship is a situation where you experience a loss of income but the circumstances have an end in sight, such as a medical condition that temporarily prevents you from working or a ...

tax information form (IRS form 4506-t)

Banking; Refinance

This form allows an individual, or an outside third party such as your bank, to verify tax information reported on a federal income tax return for one or more years. IRS Form 4506-T adds convenience ...

short sale agreement

Banking; Refinance

A Short Sale Agreement is a document that you’ll receive from us after we’ve evaluated your property. The document, which you’ll need to sign and return to us, lists an acceptable fair market value ...

short sale

Banking; Refinance

A short sale is a commonly used alternative to a foreclosure. If you can no longer afford to make your mortgage payments and your home is worth less than you owe, a short sale allows you to sell your ...

second mortgage or second lien

Banking; Refinance

The traditional term for a home equity loan or line of credit because it is generally a subordinate lien and not a first mortgage, which usually is made to purchase the home.

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