24 CFR Part 255 – Coinsurance for the Purchase or Refinancing of Existing Multifamily Housing Projects
Current as of: 2024 | Check for updates
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Other versions
| § 255.1 | Termination of program |
| § 255.2 | GNMA right to assignment |
| § 255.3 | Case-by-case conversion to full insurance |
| § 255.6 | Method of payment of mortgage insurance premiums |
Terms Used In 24 CFR Part 255 - Coinsurance for the Purchase or Refinancing of Existing Multifamily Housing Projects
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.