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Welcome to our Glossary page, where you can find clear definitions and explanations of key terms and concepts related to our business. This resource is designed to help you better understand the products, services, and processes we offer, ensuring you have all the information you need to make informed decisions. Whether you’re a new customer or a long-time client, our glossary is here to clarify industry jargon and enhance your experience with us.
A provision in a mortgage that gives the lender the right to demand payment in full of the outstanding loan balance if a monthly payment is missed.
A type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan.
An assessment of the property’s value conducted by a certified professional.
A public sale in which property or goods are sold to the highest bidder.
The amount of money still owed on a loan.
A legal process through which individuals or businesses unable to repay debts to creditors may seek relief from some or all of their debts.
The person or entity that is entitled to receive the benefits or proceeds of a trust, will, insurance policy, etc.
An offer made at an auction.
A violation of any of the agreed-upon terms and conditions of a binding contract.
A document issued to the highest bidder at a foreclosure auction stating that they have purchased the property.
A type of bankruptcy that allows debtors to keep their property and pay debts over time, usually three to five years.
A type of bankruptcy that involves the liquidation of a debtor’s assets to pay off creditors.
Property or other assets that a borrower offers to a lender to secure a loan.
A legal document filed to initiate a lawsuit, including a foreclosure action.
A mortgage that is not insured or guaranteed by the federal government.
A bid by the lender equal to the amount of the borrower’s debt, often used at foreclosure auctions.
The estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller.
A deed instrument in which a borrower conveys all interest in a real property to the lender to satisfy a loan that is in default and avoid foreclosure proceedings.
A type of secured real-estate transaction that some states use instead of mortgages.
Failure to fulfill an obligation, especially to repay a loan or appear in a court of law.
A judgment made by a court against a borrower for the remaining amount owed on a loan if the sale of the collateral does not cover the total debt.
Property that is under foreclosure or being sold by the owner under duress.
A provision in a loan or promissory note giving the lender the right to demand full repayment if the property is sold or transferred.
A deposit made to a seller showing the buyer’s good faith in a transaction.
The difference between the market value of a property and the amount of debt owed on it.
The legal process of removing a tenant from rental property.
The price a willing buyer would pay a willing seller in a free market.
The Federal National Mortgage Association (FNMA), a government-sponsored enterprise that purchases mortgages from lenders and sells them as securities.
A mortgage insured by the Federal Housing Administration.
A mortgage with a fixed interest rate for the entire term of the loan.
A temporary postponement of mortgage payments granted by the lender.
The legal process by which a lender takes control of a property from a borrower who has failed to make loan payments.
A public sale where foreclosed properties are sold to the highest bidder.
A formal notice to a borrower that they are in default and that legal action may be taken.
The sale of a property to satisfy the outstanding debt after a borrower has defaulted.
The Federal Home Loan Mortgage Corporation (FHLMC), a government-sponsored enterprise that buys mortgages from lenders and pools them to sell as mortgage-backed securities.
A legal process whereby payments toward a debt owed by an individual can be paid by a third party, which holds the money or property of the debtor.
The U.S. Department of Housing and Urban Development, which oversees federal programs designed to help Americans with their housing needs.
The percentage of a loan amount that is charged for borrowing money.
A type of foreclosure proceeding that is handled through the court system.
A legal claim against a property that must be paid off when the property is sold.
A written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it.
A change in the terms of an existing loan by a lender.
The ratio of the amount of the mortgage loan to the appraised value of the property.
A loan used to purchase or maintain a home, land, or other types of real estate.
Investments that are secured by mortgages.
The lender in a mortgage loan agreement.
The borrower in a mortgage loan agreement.
A formal notice to a borrower that they are in default on their loan and that legal action may be taken.
A public notice that a property will be sold at a foreclosure auction.
A clause in a mortgage allowing the lender to foreclose and sell the property without court intervention.
An evaluation by a lender that determines if a potential borrower qualifies for a loan.
The period after a borrower defaults on their mortgage and before the property is sold at a foreclosure auction.
The amount of money borrowed on a loan, excluding interest.
A written promise to pay a specified amount of money on demand or at a certain time.
A tax levied on real estate by the local government.
Property owned by a lender after an unsuccessful sale at a foreclosure auction.
A period after a foreclosure sale during which the borrower can reclaim the property by paying the outstanding debt.
To replace an existing mortgage with a new one, typically with better terms.
The process of bringing a delinquent mortgage current and restoring the borrower to good standing.
An arrangement made to repay delinquent installments or advances.
A mortgage for senior homeowners that allows them to access the home equity they have built up.
The right of a borrower to redeem a property before or after foreclosure by paying the lender the amount owed.
The market where mortgages and mortgage-backed securities are bought and sold.
A company that handles the day-to-day administration of mortgage loans.
The sale of a property for less than the balance owed on the mortgage.
A public auction of property repossessed to satisfy an unpaid obligation.
A legal document showing ownership of a property.
A person or entity that holds or manages a property or asset for the benefit of a third party.
A sale of property by a trustee under a deed of trust, conducted without court intervention.
A mortgage in which the borrower owes more than the property is worth.
A comprehensive set of laws governing all commercial transactions in the United States.
Another term for an underwater mortgage.
A mortgage loan available to eligible veterans and service members, guaranteed by the U.S. Department of Veterans Affairs.
A type of mortgage with an interest rate that may change periodically.
A court order granting a lender possession of a property after a foreclosure.
A situation where homeowners abandon properties after receiving a foreclosure notice but before the actual foreclosure sale, leaving the property vacant.
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