Mortgage Glossary

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General Lien

A lien such as a tax lien or judgment lien which attaches to all property of the debtor rather than the lien of, for example, a trust deed, which attaches only to a specific property.

Government National Mortgage Association (GNMA/Ginnie Mae)

A government-owned agency that acts as a secondary market conduit for FHA and VA loans. GNMA guarantees the timely principal and interest payments to investors.

Grandfather Clause

The clause in a law permitting the continuation of a use, business, etc., which, when was permissible but, because of a change in the law is now not permissible.

Ground Rent

Rent paid for vacant land, If the property is improved, ground rent is the portion attributable to the land only.