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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

National Flood Insurance Act - A federal law establishing a program to provide flood insurance to home owners whose houses are located in specially designated flood hazard areas. This program is administered by the Federal Insurance Administration.

Negative Amortization - Occurs when your monthly payments are not large enough to pay all the interest due on the loan. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the home buyer owing more than the original amount of the loan ends up owing more than the original amount of the loan.

Net Worth - The difference between total assets and liabilities of an entity.

Non-Assumption Clause - A statement in a deed of trust which forbids the assumption of the loan without the prior approval of the lender.

Notary Public - A public officer who takes acknowledgment of or otherwise attests or certifies deeds and other writings or copies of them, usually under his/her official seal to make them authentic. Also takes affidavits, depositions, and protests of negotiable instruments.

Note - A signed obligation wherein a borrower promises to repay debt.