| 1. | MODTD | ||
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addr. Memorandum of Deposit of Title Deeds, also Memoramdum Confirming Deposit of Title Deeds, is a type of document executed by the Mortgagor while depositing the Title Deeds to an estate with the Mortgagee.
It contains the description of the property and the list of related documents deposited with the Mortgagee. MODTD needs to be signed by the Mortgagor in case of creating an Equitable Mortgage.
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| 2. | Home-owner | ||
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Crude straight-person code-word for a gay person. Used in order to avoid an uncomfortable social situation. Last night I hung out with Borgnine and his friend, the home-owner. Although Borgnine is straight, I think he tried to cup my balls several times.
Wow I never would have guessed Procop was a home-owner...all he ever talks about is pussy! |
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| 3. | poorclosure | ||
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The legal proceedings initiated by a mortgagee to repossess the collateral for loan that is in default due to the mortgagor's failure to read and comprehend their contract before signing. Before Obama was elected president, this usually would result in a decrease of the mortgagor's net worth and a valuable lesson learned.
Joe bought an $800,000 house but he didn't read or understand his contract before he signed it. Specifically, the clause in the contract which explained ARMs generally permit borrowers to lower their initial payments if they are willing to assume the risk of interest rate changes. This resulted in his poorclosure.
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