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Bookmark or Share- Mortgages key terms - Consumer Financial Protection BureauThe buyer takes over the remaining balance owed on the seller’s mortgage, on the original loan terms—for example, the interest rate and the remaining length of the mortgage. A loan assumption might make financial sense when new mortgages are being offered at higher interest rates than when the seller originally took out their mortgage.
- Debt collection key terms - Consumer Financial Protection BureauDebt collector Under the federal Fair Debt Collection Practices Act, a debt collector generally is a person or a company that regularly collects debts owed to others, usually when those debts are past-due.
- Money transfers key terms - Consumer Financial Protection BureauAutomated Clearing House (ACH) An Automated Clearing House (ACH) authorization is a payment authorization that gives the lender permission to electronically take money from your bank, credit union, or prepaid card account when your payment is due.
- Fraud and scams key terms - Consumer Financial Protection BureauForeclosure relief and mortgage loan modification scams are schemes to take your money or your house—often by making a false promise of saving you from foreclosure. These scammers may ask for money upfront and claim to guarantee that you can get your mortgage terms changed.
- Credit reports and scores key terms - Consumer Financial Protection BureauCredit inquiry. An inquiry refers to a request to look at your credit file, and it generally falls into one of two types.
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