Property Repossession

Open Mortgage
An open mortgage is a mortgage that has matured or is overdue, making the property susceptible to foreclosure at any time. It is a financial situation where the borrower has failed to make timely payments, removing any safeguards against lender actions to reclaim the property.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.