"I struggled so hard to buy my home for me and my children and thought I got a good deal on a loan. But then I found out that the loan amount was going to go up each month. I wasn't able to afford the new payments. I had gotten a new job after being laid off, but my new job didn't pay as much as the old one. I was really figuring that I was in trouble. I wanted to save my home from foreclosure, but didn't know how. I called 1st Foreclosure Prevention and they treated me with compassion and respect. They knew all about the law, too, and how to stop foreclosure. They gave me a totally free foreclosure evaluation and explained all my options to me. Because of them, I was able to save my home from foreclosure."
"We were struggling every month to try to pay our mortgage and kept falling further and further behind on everything else. The place was a mess because we didn't have the money to fix it up, but we didn't think we could sell it because of the state of disrepair. My wife and I were like hamsters on a wheel, just trying to get through each day to make payments on a house we grew to dislike. But we knew that foreclosure would destroy our credit, so we held on. Then we found out about 1st Foreclosure Prevention. They were able to give us foreclosure help and even helped us with the sale of our home. We got to walk away from that mess and have started a new life, without a foreclosure on our credit report."
"I'm really glad that 1st Foreclosure Prevention was able to help me with my mortgage problems. I was already in the foreclosure process when I called them for a free foreclosure evaluation. They were really nice and explained a lot of things to me that I didn't know, including how to stop foreclosure. I didn't even know that I could do that! They were able to work out a deal with my bank so that I was able to keep my home and pay less on the mortgage. Now I am able to afford my home and even save a little money, thanks to this company. I can't say enough good things about them."
"When we refinanced our home, we didn't think that we would be facing the foreclosure process. But there we were - after 15 years in our home, going through a foreclosure because we couldn't afford to pay the mortgage. We refinanced to get money out to finish the basement, but then I lost my foot in a snowmobile accident. I was laid up for a while and the bills mounted. Then we found that the mortgage payments were actually going up! After 15 years in the same place, it can be really tough. But my wife called 1st Foreclosure Prevention and they helped us out. They gave us free advice on how we could stop foreclosure and what to do. We were able to save our home from foreclosure with their help."
"We were like most other folks, I guess. Facing the foreclosure process and losing our home because we were out of work and owed too much on the property. You always hear about this happening to other people but never think it would happen to you. We were just going along with everything, trying not to think about it, but then my husband got an idea to call 1st Foreclosure Prevention - a company he had heard about that could stop foreclosure from happening. I figured it was a scam of some sort, but after we both got their free foreclosure consultation and found out about their company, we were impressed. We weren't like most other folks, at that point. We had foreclosure help and were able to stop foreclosure from happening to us."
"We were pretty shook up about losing our home. After all, we have been here over 30 years. But we refinanced our home to help our son buy his. Then he lost his job and went into foreclosure and had to move in with us. We were about to go through the same foreclosure process and then we'd have nowhere to go. We called 1st Foreclosure Prevention and then helped us understand a few things about how to stop foreclosure. I wish my son had called him as this could have helped him. But it did help us and we were able to keep our home, thanks to them. Our son is getting back on his feet, but he would have done better had he called them and not gone through foreclosure. We're pretty happy with the service they gave us."
Home / Foreclosure Dictionary
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Foreclosure Dictionary, Foreclosure Terms, Foreclosure Definitions
Abandonment
When the home owner leaves the home without intending to return - often seen prior to foreclosure.
Abstract of Judgment
A recorded instrument that creates a line on a debtor’s property after a foreclosure lawsuit. It summarizes the parties involved in the suit, who won the lawsuit, dates and attorney’s names. In addition to being recorded with the county recorder, it is also filed with the county clerk’s office.
Acceleration Clause
A clause in a securing instrument such as a mortgage or deed of trust that will allow the lender to call their loan by demanding all of the money due in the case of a specific type of event (usually the sale of the property).
Acceptance
When a seller accepts the terms of a sale of property and acknowledges the receipt of a deposit. Can be facilitated by seller or agent.
Accrued Items of Expense
Expenses that have been incurred but are not yet payable, usually accrued expenses by seller that are credit to the purchaser in the settlement statement.
Adjustable Rate Mortgage (ARM)
A mortgage with a fluctuating interest rate that can vary based on time intervals or changes in the prime lending rate. Most have certain limits (called caps) that they are not able to rise above or fall below.
Alienation
The transfer of property from one individual to another.
Alienation/Acceleration/Due on Sale Clause
Referring to the transfer of property upon the sale of the house based upon the acceleration or due on sale clause in the mortgage which states the lender must be paid in full upon the sale or transfer of the property.
All-Inclusive Deed of Trust
A securing instrument, recorded against a property as a lien, that supersedes any other deed of trust or mortgage that has been recorded against the property - usually recorded after a foreclosure sale.
Amortization
The configuration of the amount of a repayment of a mortgage in monthly installments including principal and interest. Refers to the amount of interest paid towards the balance of the loan each month, which diminishes (and more is paid towards the principal) each month.
Amortization Mortgage
A secured debt on property where payments pay off both interest and principal of the amount of the debt.
Apportionment
When income, real estate taxes, expenses or other charges are computed to be adjusted to the point where the seller pays these charges up until the date of the sale and the buyer assumes responsibility after this date. Usually itemized on a settlement statement.
Appraisal
The value of real estate property based upon comparables in the surrounding market plus taking into consideration any improvements on the property that add to the value. Usually performed by a licensed real estate appraiser.
Appraisal by Comparison
Value of property based upon sale prices of similar properties in the surrounding market without taking into consideration any improvements on the appraised property.
Appurtenance
A feature not on the property but adds to the enjoyment of the property. Usually a right of way or dwelling that reflects positively on the use of the property.
As Is
When the property is sold without any guarantee from the seller regarding defects and a buyer purchases the property in current condition without modifying agreement.
Assessed Valuation
The value placed on the property by the taxing entity, usually the county assessor’s office. Used to determine real estate taxes.
Assessment
A charge against the property made by governmental agencies, municipalities or condominium associations for improvements to property. If unpaid result in a lien against the property.
Assessor
Usually a county official who determines the assessed valuation of the property for tax purposes.
Assessor’s Parcel Number
Identification number that has been assigned to the property by the county assessor for the sake of differentiating from others with regard to real estate tax payments.
Assignment
When a contract or right is transferred from one individual to another. Such as a mortgage instrument (contract) is transferred by the lender (assignor) to an agent to facilitate foreclosure (assignee). Or a seller transfers property to a buyer.
Assignment of Rents
When a borrower gives a lender the right to receive the rental income collected by the borrower from a tenant on rental property.
Assumes and Agrees To Pay
Referring to a clause in a deed or other recorded instrument in which a buyer agrees to pay old debt on the property of the seller in exchange for title to the property. Found in Warranty Deeds and may be included in other transferring instruments.
Assumption of Mortgage
When one entity takes over the responsibilities of the mortgage payments from another, usually involving the transfer of the property to the new party by deed. The new party agrees to pay the mortgage in exchange for deed to the property.
Auction
In foreclosures, referring to a public auction where the foreclosed property is sold to the highest bidder. Can take place at courthouse, on property or other designated location.
Automatic Stay
A court order that prevents any creditors, including mortgage lenders, from proceeding against a borrower with foreclosure or other attempts to cure a debt that is obtained through bankruptcy protection. At this point, the lender may not even communicate with the borrower by phone or in writing.
