Prox is short for the Latin term "proximo mense" and means in the next month. Prox terms is an invoicing agreement that requires the receiver of a good or service to reimburse a business within a month.Know More
Oftentimes a business will provide discounts if payment is received prior to a month from the invoice due date. Businesses provide discounts to improve their cash flow and their ability to repay debts or to fund payroll. The discount terms and payment due date are stipulated on the invoice.
Seasonal businesses often have extended invoicing terms with their customers. This encourages customers to take shipment of products prior to when they will be able to resell them.Learn more in Credit & Lending
A loan modification is a permanent change to the terms of a loan, according to the U.S. Department of Housing and Urban Development. A loan modification reinstates a loan and offers a repayment option the borrower can afford.Full Answer >
A short sale is a pre-foreclosure sale that takes place when a home is sold for less than the amount owed on the mortgage. The mortgage company agrees to allow the homeowner to sell the home and pay off the mortgage balance.Full Answer >
A short sale used to satisfy a mortgage debt can damage one's credit score when the term "settled" is noted on the report, explains Realtor.com. This can lower a credit score and tells other creditors that the lender accepted less than the full value owed, possibly deterring future credit offers.Full Answer >
To purchase a short-sale home, work with a real estate agent to create a contract in which the terms are subject to the approval of the mortgage lender. The contract states that the property is being purchased "as is" with no repairs expected.Full Answer >