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Wage Earner Plan
A nickname for Chapter 13 bankruptcy.
Waiver
A release or abandonment of a right or privilege.
Warranty Deed
A conveyance of land in which the grantor guarantees the title to the grantee.
Without Recourse
Words used in endorsing a note or bill to denote that the future holder is not to look to the endorser in case of
nonpayment.
Workout
The process by which a borrower comes to a mutually acceptable financial arrangement with a lender in order to
avoid an impending foreclosure.
Wraparound
A type of mortgage in which the obligation to pay a second - or later - lien mortgage includes the obligation to pay
an earlier-lien mortgage. The later mortgage wraps around the earlier mortgage. Default on the earlier-lien mortgage
is automatically a default on the later-lien mortgage.
Wraparound Loan
A new loan encompassing any existing loans.
Writ of Execution
A court order authorizing the holder to seize and sell a debtor's property to pay off a judgment.
Writ of Garnishment
A court order commanding a person who holds assets for another person, such as a banker who holds funds on
deposit, an employer who holds a paycheck or a stock broker who holds an account for an investor, to give those
assets up to a creditor.
Writ Of Possession
A court document that authorizes a constable or other officer of the law to break down a tenant's door, drag the
tenant from the premises and throw the tenant's belongings out of the house or apartment.
Wrongful Foreclosure
A foreclosure that was legally improper and that caused a borrower to suffer damages.
Yield
The annualized profit from an investment, divided by the original investment amount.
Zero Coupon Bonds
Bonds that are sold at a deep discount to their face or par value because their holders don't collect any interest
during their term. Such bonds slowly increase in value as they approaches their maturity date when they will be redeemed by their issuer at face value.
Zoning Ordinance
Regulating the use of property by public agency.
First Foreclosure Definitions: Abandonment >> Automatic Stay
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