Debt Glossary for alphabet "B"

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Backup Offer:
At the time of property dealing the backup offer is presented when the parties don't agree upon the first offer. However the second offer has to be accepted.
Balance:
The balance on the loan is calculated by subtracting the amount already paid from the amount owed by the borrower.
Base loan amount:
It describes the amount that is originally lent to the customer and based on it the payment gets determined.
Bank draft:
It defines the written instruction to the bank employee to clear the fund to the individual or business named on the draft.
Bankruptcy:
It is the legal procedure which releases a loan defaulter of his debts when he can't meet the loan obligations. The defaulter's assets then can be liquidated by the court trustee in order to meet his financial obligations and to give him a fresh start. However, bankruptcy affects the credit negatively and stays on the credit report for seven- 10 years.
Bequest:
It's the process of transferring personal property upon the donor's death to the named individual or organization as directed in the will.
Billing Error:
If error occurs in your monthly financial statement, it's called a billing error as per the FCBA or Fair Credit Billing Act.
Bona Fide:
Undertaken in good faith.
Borrower:
The borrower is the person who borrows money and is obligated to pay it back to the creditor on terms stated in the lending contract.
Broker:
The broker is an individual who assists in arranging for funds and also negotiates contracts for a client. The broker earns in terms of commission from the deal.
Budget:
It's the record of personal income and expenses within a specified time period.
Business days:
These are the special days allotted under the Truth in Lending Act or Electronic Fund Transfer Act to conduct business transactions.
Buyer's market:
It's a market condition when the terms of trade are more favorable to the buyers due the availability of large number of sellers. In such a condition the seller may need to make price adjustment to attract buyers.
Balloon mortgage:
In this type of mortgage the payment remains constant for certain period and the entire mortgage becomes due upon the expiration of the term. It is ideal for people who consider refinancing before the fixed rate period expires.
Bi-Monthly Mortgage Payments:
It allows the borrower to pay mortgage installment in every two weeks instead of a single large payment every month. It helps towards faster repayment of the mortgage.
Blanket Mortgage:
Blanket mortgage is taken to cover more than one property under a single loan. This is done to avoid the cost of multiple closing.
Bridge Loan:
Bridge loans are forwarded to a homebuyer who wants to purchase a new home before selling his/her existing one. In this case, payments for both the bridge loan and the new mortgage would be incorporated into single mortgage payment.

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06-20-2005, 10:23 PM

roxette

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Join Date: Mar 2005

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Debt Glossary for alphabet "B"

Hi,

I have enlisted all the major terminologies related to debt under alphabet B above.

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