Real Estate Glossary

Nebraska Trust Deeds Act:

The statutory law of the state of Nebraska that addresses the form of trust deeds and foreclosure of the same.



Negative amortization:

A gradual increase in mortgage debt that occurs when the monthly payment is not large enough to cover the full amount of principal or interest due. The amount of the shortfall is added to the remaining principal balance to create "negative" amortization for which the principal amount increases.



Net cash flow:

The remaining income from an investment property after the monthly operating income is reduced by the monthly housing expense that includes principal, interest, taxes, and insurance (PITI) for the mortgage, homeowners' association dues, leasehold payments, and/or subordinate financing payments.



Net worth:

The value of all of a person's assets, including real estate and cash, minus all liabilities.



Non-judicial foreclosure:

A foreclosure process that does not involve court action. This method is typically used in title theory states in which a trustee or other party effectuates a foreclosure sale.



Non-judicial:

A foreclosure process that does not involve court action. This method is typically used in title theory states in which a trustee or other party effectuates a foreclosure sale.



Nonliquid asset:

An asset that cannot easily be converted into cash such as stock held in a private corporation.



Non-occupant co-borrower:

A non-occupant co-borrower is a party who applies to obtain a loan with another person but does not intend on living in the property. An example of this is a young couple buying a home who need their parents as co-signers in order to qualify. The parents, since they're not going to live in the home, are non-occupant co-borrowers.



Note rate:

The interest rate stated on a mortgage note or promissory note.



Note/bond:

A legal document that evidences the underlying debt secured by a mortgage or deed of trust, which sets forth the amount of the loan and the terms of repayment. The terms may be used interchangeably.



Notice of Default and Notice of Sale:

A variation of a notice of sale with a provision that indicates a loan is in default.



Notice of Default:

A formal written notice to a borrower that a default has occurred and that legal action may be taken.



Notice of Foreclosure Sale (Final Judgment of foreclosure):

A variation of a notice of sale that indicates the time, date, and other particulars for a proposed foreclosure sale. This notice will generally be part of the statutory notice requirements necessary before a foreclosure sale can occur.



Notice of Intention to Foreclose:

An alternate reference to a general procedural notice requirement in a title theory state of the lenders intent to foreclose on a deed of trust or mortgage based on an existing default.



Notice of Intention to Foreclosure by power of sale:

A general procedural notice requirement in a title theory state of the lenders intent to foreclose on a deed of trust based on an existing default.



Notice of Sale:

A notice indicating the time, date, and other particulars or a proposed foreclosure sale date. This notice will generally be part of the statutory notice requirements necessary before a foreclosure sale can occur. 



Notice of Trustee:

A written document that contains the name and contact information of the trustee in a foreclosure action.



Notice of Trustee Sale:

A written document that announces the time, date, and other particulars of the trustee's sale. It often describes the property to be sold and gives an estimate of the unpaid debt. This announcement must usually be published in the local newspaper and displayed in public view (i.e. the courthouse) a certain number of days prior to the sale, depending on the laws of the county in which the property is located.


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