Foreclosure - is a legal proceess by which a defaulted Borrower is deprived of his/her interest in a mortgaged property.
Short Sale - The sale of a home which is completed through negotiation in which the lender agrees to accept less than the full amount owed allowing the debt to be ‘paid off’, (short).
Forbearance Agreement - an agreement between a mortgage holder and a borrower that lays out a specific loan payment plan and stops the foreclosure action so long as the borrower meets the terms of the agreement. A Forbearance Agreement is a way for the borrower to keep the property and.
Junior Lien - A lien, usually a mortgage loan, that is subordinate to a Senior Lien, usually a first mortgage. Lien priority is generally established by order of recordation .
Notice Of Default(NOD) -A lien, usually a mortgage loan, that is subordinate to a Senior Lien, usually a first mortgage. Lien priority is generally established by order of recordation . NOTE: if you refinance a 1st mortgage on a property with a 2nd mortgage already in place the new 1st mortgage holder will require a subordination agreement from Junior Lien holders to legally establish the new mortgage holder as 1st or Senior Position.
Real Estate Owned (REO) - Short for Real Estate Owned. When a mortgage lender acquires a property.
Statutory Redemtion - The right of the borrower to recover a property after foreclosure sale.
A Deed In Lieu Of Foreclosure - is when you deed your property to the lender in exchange for forgivness of the entire amount of the mortgage.
Deed For Lease (D4L) - The Deed for Lease program lets homeowners transfer the deed back to their lender and then sign a lease to remain in the home.
Important Links
Home Steps - Freddie Mac Homes
California Foreclosure Laws
U.S. Department Of Housing and Urban Development (HUD)
Making Home Affordable
HAMP - Home Affordability Modification Program
NACA - Neighborhood Assistance Corporation of America
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