Real Estate Words – N

National Association of REALTORS® (NAR): A professional organization for real estate agents.
Negative Amortization: An occurrence when payments do not cover the interest and the remaining interest is then added to the principal balance, essentially increasing the amount you owe instead of decreasing your debt over time.
Net Sales Price: The gross sales price after concessions have been made to the buyers.
Notice of Default (NOD): A warning notice declaring that a mortgage is not being paid and is recorded as proof there is certain amount of time to make payments current or the property can be foreclosed.
Notice of Trustee Sale (NOT): A document that is recorded to inform the defaulting homeowner of the specific date the property will be sold if the mortgage is not made current before then.