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NAR. National Association of REALTORS®. A trade organization for real estate agents andbrokers who become members by agreeing to abide by the organization's code of ethics. Members may call themselves REALTORS®.
Negative amortization. Payment terms under which the borrower’s monthly payments do not cover the interest due; as a result, the loan balance increases.
Negative amortization. Payment terms under which the borrower’s monthly payments do not cover the interest due and, as a result, the loan balance increases.
Negative equity. When the amount of principal owed on a mortgage is greater than the fair market value.
Non-assumption clause. In a mortgage contract, a statement that prohibits a new buyer from assuming a mortgage loan without the approval of the lender.
Notice of default. A formal written notice to a borrower that a default has occurred and that legal action may be taken.
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