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Houston Mortgage > Glossary >
Debt Management > N 1-10
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Net income
The amount left after taxes have been paid.
Net worth
The total value of all assets, such as house, car, furniture and investments, minus all debts, such as mortgages and credit card bills.
Non-liquid asset
A possession that can''t be transformed readily into cash. Stocks and bonds are liquid assets because they can be sold easily; a house is a non-liquid asset because it takes time to sell.
Nondischargeable debt
A debt that cannot be eliminated in bankruptcy. Examples include some taxes and, usually, federally guaranteed education loans.
Notice of default
A step in the foreclosure process in which the lender formally tells a court that the borrower is in arrears.
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