Related Words

Delinquent: In a monetary context, something that has been made payable and is overdue and unpaid,

Consolidated Farm And Rural Development Act Of 1961: P.L. 87-128 (August 8, 1961) authorized a major expansion of USDA lending activities, which at the time were administered by Farmers Home Administration (fmha), but now through the Farm Serv . . . View Full Definition

Farm Credit Act Of 1971: P.L. 92-181 (December 10, 1971) recodified all previous acts governing the Farm Credit System (FCS, or System), a cooperatively owned government sponsored enterprise that provides credit pri . . . View Full Definition

Homestead Protection: When a USDA farm loan borrower lacks the financial resources to make payments on a delinquent loan, is ineligible for a restructured loan, and is unable to buy out the loan at the net recove . . . View Full Definition

Agricultural Credit Act Of 1987: P.L. 100-233 (January 6, 1988) was enacted in response to the severe financial crisis of the early- to mid-1980s which affected both farmers and their lending institutions. The Act authorize . . . View Full Definition

Tax Sale: A court-ordered sale of real property to raise money to cover delinquent taxes.

Write Off: When an investment, such as a loan, becomes seriously delinquent or in default and is determined to be uncollectible, the lender may choose to charge the outstanding investment amount as an . . . View Full Definition

Arrears: A payment made after it is due is in arrears. Interest is said to be paid in arrears since it is paid to the date of payment rather than in advance, as is rent.

Irs Tax Lien: A federal tax lien, or Internal Revenue Service (IRS) tax lien, results from a persons failure to pay any portion of federal taxes, such as income and withholding taxes. A federal tax lien i . . . View Full Definition

Strict Foreclosure: In a strict foreclosure procedure, after a delinquent borrower has been notified and the proper papers have been filed, the court designates a specific period during which the balance of the . . . View Full Definition