take no action: An approach most beneficial to those who have no assets or wages that a creditor could garnish or get judgment on. Take no action works as a bankruptcy alternative for those who are “judgment proof.”
teaser rate: An initial interest rate on an ARM that is below the market
rate.
title: The rights of ownership and possession of a particular property. It may also refer to the instruments or documents by which a right of ownership is established (title documents), or to the ownership interest one has in the property.
title insurance: Protects lenders or homeowners against loss of their interest in property due to legal defects in title. Benefits will be paid only to the "named insured" in the title policy, so the buyer should purchase an "owner's title policy" for protection of title insurance.
trustee: A party who is given legal responsibility to hold property in the best interest of or for the benefit of another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law. (See also Deed of Trust.)
VA home loans: A veteran's assistance loan, also known as a VA-guaranteed loan, is a loan made by private lenders (such as banks, savings and loans or mortgage companies) to eligible veterans.
voluntary bankruptcy: A bankruptcy that is initiated by a debtor, filed by the bankrupt individual or organization.
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