Divorce Foreign Recognition Virginia, Divorce Foreign Recognition Virginia

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VERIFICATION OF EMPLOYMENT (VOE)
Document signed by the borrower's employer verifying the borrower's position and salary.

PREPAYMENT PRIVILEGE
The right of the debtor to pay off part or all of the debt without penalty prior to maturity, such as in a mortgage or agreement of sale.

DUE-ON-SALE CLAUSE
Provision in a mortgage or deed of trust allowing the lender to demand immediate payment of the loan balance upon sale of the property.

CODE OF ETHICS
A written system of standards of ethical conduct. The Code of Ethics of the National Association of Realtors, first written in 1913, establishes the high standards of conduct for members of the Realtor community.

INITIAL RATE
The rate charged during the first interval of an ARM loan.

GRACE PERIOD
Period of time during which a loan payment may be made after its due date without incurring a late penalty. The grace period is specified as part of the terms of the loan in the Note.

NOTICE OF DEFAULT
A notice to a defaulting party that there has been a default, usually providing a grace period in which to cure the default.

DEPRECIATION (APPRAISAL)
A loss in value due to any cause; any condition which adversely affects the value of an improvement.