Glossary of foreclosure terms
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
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A "A" paper abandoned acceleration clause actual notice adjustable-rate loan adjustable-rate mortgage (ARM) alienation clause Alt-A amortization amortization schedule amortization table amortizing loan annual percentage rate (APR) anti-assumption clause appraisal asset assumable loan assumption clause automated valuation model (AVM) automatic stay B "B" paper balance sheet balance-transfer fee bankruptcy Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) beneficiary blended rate borrower information packet bottom portion Broker's Price Opinion (BPO) bundle of rights C call the loan cap capital gain capital gains exemption cash reserve cash-out refinance ceiling certificate of sale Certified Public Accountant (CPA) Chapter 7 Chapter 13 check fee clause comparable property (comp) comparative market analysis (CMA) complaint compromise sale consolidate (debt consolidation) constructive notice cost-benefit analysis costs of sale credit card check creditor D debt factoring deed deed in lieu of foreclosure deed of trust default deferment deficiency judgment demand clause Department of Housing and Urban Development (HUD) Department of Justice (DOJ) discharged discount broker disposable income down payment due-on-sale clause duress E easement effective APR encumbrance equity equity partner equity stripping |
F Fannie Mae Federal Deposit Insurance Corporation (FDIC) Federal Home Loan Mortgage Corporation (FHLMC) Federal Housing Administration (FHA) Federal National Mortgage Association (FNMA) Federal Trade Commission (FTC) fee-for-service broker FICO credit score foreclosure foreclosure sale for-sale-by-owner Freddie Mac fully amortize G government-sponsored enterprises (GSE) gross equity H hazard insurance holding costs homestead exemption I impound account interest interest-only loan Internal Revenue Service (IRS) involuntary encumbrance J judgment judgment creditor judgment debtor judicial foreclosure junior lienholder junk fee L late charge lawsuit letter of explanation (LOX) liability lien lienholder liquidation bankruptcy lis pendens listing agent listing agreement loan servicer loan-to-value (LTV) long-term debt loss-mitigation department lying by commission lying by omission M mechanic's lien membership fee monetary encumbrance mortgage mortgage calculator mortgage estoppel letter mortgage insurance (MI) mortgagee mortgagor N National Association of Realtors® (NAR) negative equity net equity net worth nominal APR nonjudicial foreclosure nonmonetary encumbrance notary public note holder notice of default (NOD) notice of levy notice of sale (NOS) notice of trustee's sale O Office of Federal Housing Enterprise Oversight (OFHEO) originated owner-financing arrangement |
P partial claim party pay down payment modification payoff demand per diem interest charge periodic rate personal property points postforeclosure sale power-of-sale clause preforeclosure buyer preforeclosure period prepaid interest prepayment penalty prime principal principle of substitution priority priority debt priority of liens private mortgage insurance promissory note property tax purchase-money lender R real estate agent real property recorder's office redemption redemption period refinancing Regulation Z reinstate reinstatement period reorganization bankruptcy rescue artist response right of redemption right of rescission S sale date sale/leaseback secondary liability secured debt security seller's proceeds sheet seller-carryback loan selling agent senior lienholder Servicemembers Civil Relief Act (SCRA) sheriff's sale short sale Soldiers' and Sailors' Civil Relief Act (SSCRA) stay of foreclosure straight note "subject to" clause subordination clause subprime substitution of liability form T teaser rate termination date third party three-party loan three-party instrument title search top portion trustee trustee's deed trustee's sale trustor Truth-in-Lending (TIL) form Truth-in-Lending Act Truth-in-Lending disclosure statement U upside down V vesting voluntary encumbrance W workout writ of sale |
