Upside down

Upside down describes the situation when you buy something on credit and now owe more for it than it is worth.

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Truth in Lending Act

Truth in Lending. The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to

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Settlement Statement

A settlement statement is a document given to borrowers at closing that itemizes services and fees charged to the borrower by the lender or broker.

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Reserve Fund

A reserve fund is a savings account or other liquid asset managed by a condominium, business or individual for anticipated future expenditures, such as major

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Recession

A recession is a significant, widespread decline in economic activity lasting more than a few months. Experts define this period as two consecutive quarters of

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Property-Assessed Clean Energy

PACE financing is a means of financing energy efficiency upgrades, disaster resiliency improvements, water conservation measures, or renewable energy installations of residential, commercial, and industrial

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Non-liquid Asset

Assets are classified as either liquid or non-liquid. A liquid asset can fairly quickly and easily be turned into cash, while a non-liquid asset cannot.

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Net Worth

Net worth is a measure of wealth. Net worth is the sum of all assets owned by a person or a company, minus any obligations

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