LiabilityEnum

Title
LiabilityEnum

Description
A value from a MISMO prescribed list that represents a financial obligation of an individual or entity. In a mortgage transaction, these are typically related to one or more borrowers.

Used By
\MESSAGE\DEAL_SETS\DEAL_SET\DEALS\DEAL\LIABILITIES\LIABILITY\LIABILITY_DETAIL\LiabilityType ( LiabilityType )

Codes
Value Description
BorrowerEstimatedTotalMonthlyLiabilityPaymentThe borrower monthly liability amount used by the lender to qualify the borrower for the loan.
CollectionsJudgmentsAndLiensLien upon the property of a debtor resulting from a decree of the court.
DeferredStudentLoanA student loan whose repayment is deferred.
DelinquentTaxesAmount of local, state or federal taxes that are past due and not paid
FirstPositionMortgageLienThe amount of any mortgage loan secured in first lien position.
GarnishmentsA notice to an employer or other asset holder that monies, wages, or property of a debtor must be applied to a specific debt or creditor.
HELOCA mortgage loan, which is usually in a subordinate position, that allows the borrower to obtain multiple advances of the loan proceeds at his or her own discretion, up to a specified amount.
HomeownersAssociationLien
InstallmentBorrowed money repaid in several successive payments, usually at regular intervals, for a specific amount and a specified term.
LeasePaymentRegular payment amount specified by long-term contract for the use of an asset.
MonetaryJudgmentAn obligation to pay a certain amount established by a decree of a court with the appropriate jurisdiction as a judgment against a certain party.
MortgageLoanA closed ended lien secured against a property that may be in a first or subordinate lien position.
Open30DayChargeAccountAn account where the borrower can charge debt as needed. The full balance is normally repaid on a monthly basis.
OtherUsed in conjunction with a textual description of other types of liabilities.
PersonalLoanA loan granted for personal or household use. Loans may be unsecured or secured by the item purchased.
RevolvingOpen lines of credit, which are subject to variable payments and interest in accordance with the balance.
SecondPositionMortgageLienLien recorded to secure a second mortgage when a first mortgage lien already exists.
TaxesTaxes levied on borrowers income by local, state, or US Government.
TaxLienA lien secured against the subject property due to non-payment of taxes imposed by a government body, typically the Internal Revenue Service or a state or local taxing authority.
ThirdPositionMortgageLienLien recorded to secure a third mortgage when a first and second mortgage liens already exist.
UnsecuredHomeImprovementLoanInstallment
UnsecuredHomeImprovementLoanRevolving