Mortgage Terms Glossary
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-N-
Negative Amortization
also known as "Neg Am," a gradual increase in a mortgage debt that occurs when the monthly payment does not cover the entire
principal
and interest due. Can create a condition known as being "upside down" in a mortgage.
Note
a document that shows evidence of a debt, including the amount and terms of repayment.
Mortgage Glossary © Copyright 2004, 2008
