Skip-Payment Privilege
(redirected from Skip Payment Clause)

0.01 sec.

Skip-payment privilege

A mortgage contract clause giving borrowers the right to skip payments if they are ahead of schedule.

Skip-Payment Privilege

A clause in some mortgage contracts allowing the borrower to skip payments if he/she is ahead of schedule on repayment or has given advance notice to the lender that the payment will be skipped. If the borrower skips a payment under the skip-payment privilege, it does not change or affect the repayment schedule, interest accumulation, or anything else. This gives the borrower some degree of flexibility if he/she has unexpectedly high expenses in a given month. The borrower can miss a payment without risking default, which is detrimental to both the lender and the borrower. It is also called a skip payment clause.

Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content.

?Page tools

Printer friendly
Cite / link

Feedback
Add definition

Mentioned in	?		Financial browser	?		Full browser	?
No references found			site plan site selection site-built home siting Situacion financiera Situation financiere Situazione di cassa situs SIX Swiss Exchange Sixpence Sixteenth Size Size Effect Size out the book Sizing SJ SK Skewed Distribution Skewness Skid Skill Skilled Labor Skilled Worker Skimming skin in the game Skip Payment Clause Skip Person Skip-Day Settlement Skip-Payment Privilege Skirt Length Theory SKK Skonto Skort-Swing Transaction Skunkworks sky lease skyscraper Skyscraper Indicator Skywriting SL slab slander of title slant drilling Slave Slavery SLD SLD Last Sale Sled Sleeper Sleeper Cell sleeper note Sleeping Beauty			skip distance skip distance Skip Diving skip effect skip fading skip flag Skip Fordyce Harley-Davidson skip hoist Skip If Bit in Register Set Skip If Not Zero Skip It Skip it! Skip kennel skip keying Skip Level Meeting skip logging Skip mackerel skip mark skip metastases Skip Multiples of Three Skip No Pass skip off skip off skip out skip out with skip over skip over Skip Payment Clause Skip Payment Clauses Skip Payment Privilege Skip Payment Privileges Skip Person Skip Persons skip rope skip rope skip rope skip shaft skip through skip through skip town Skip tracing skip trajectory skip vehicle Skip zone Skip zone skip zones skip zones skip-bomb Skip-Day Skip-day settlement Skip-Day Settlements skip-dent Skip-Payment Clause Skip-Payment Clauses Skip-payment privilege Skip-Payment Privileges Skip-rope Skip-rope

Financial Dictionary

Free Tools:	For surfers: Free toolbar & extensions \| Word of the Day \| Help For webmasters: Free content \| Linking \| Lookup box \| Double-click lookup

Disclaimer
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.

Skip-Payment Privilege (redirected from Skip Payment Clause)

Skip-Payment Privilege
(redirected from Skip Payment Clause)