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Negative Amortization -
Occurs when the monthly payment is not enough to cover the interest for
that month.
Net Effective Income -
Gross income minus federal income tax.
Note -
A legal document that states the legal terms and conditions of the
mortgage loan and obligates the borrower to follow through with them.
Non Assumption Clause -
Clause that disallows the assuming of a loan without prior notice
to the lender.
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