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Negative Amortization: When payments are insufficient to cover the interest and principle due, the remainder is added back to the principle and the principle balance actually increases over time.
Net Cash Flow: This is the net cash a business earns after taxes, expenses and any debt payments are made.
Non-Conforming Loan: A loan that doesn’t conform to guidelines set by FNMA or FHLMC. Also referred to sub prime or BCD loans.
Notary Public: One authorized to notarize documents and confirm the identities of the signing parties and make oaths and certifies documents.
Note: See Mortgage Note. This document is loan agreement that obligates the borrower to repay a debt the lender with a specified interest rate and within a specified time.
Notice of Default: A formal notice informing a borrower that their mortgage or loan is in default and legal action could take place.
Notice of Pre-lien: A notification that materials or services are being provided by real property and if they are not paid for a lien will be placed on the real property.
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