"It seemed that every home in our block was up for foreclosure and we didn't think we had any way out. We knew that we owed more on the house than it was worth and were very tempted to just let the foreclosure process play out. Then my husband found out about foreclosure help from 1st Foreclosure Prevention. We contacted them and found that we could get out of the house without having to endure the foreclosure process. This company presented us with options that we didn't even know existed. Not only that, but we're glad we didn't go through the foreclosure process because my husband lost his job, got a new one and the employer did a credit check! This company really helped us out."
"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."
"I really thought that there was nothing you could do to stop foreclosure once it started. I was wrong. I found out that a borrower has plenty of rights and can get foreclos"
"I was so stressed out in trying to figure out how I was going to stop foreclosure from happening to me that I actually had to see a doctor for stress. I struggled hard to buy my condo and wanted to keep my home and save my home from foreclosure. But it was getting difficult because the mortgage amount kept going up. I had an adjustable rate mortgage and the rate kept rising. On top of that, I lost my job and got behind in payments. I thought that this was it, I was not going to be able to stop foreclosure. Then I found 1st Foreclosure Prevention. They were able to stop foreclosure from happening to me and allow me to keep my condo. I am now all caught up, have a new job and happier than ever thanks to them."
"We were in way over our heads with our property. We bought it high and when the market crashed, we were upside down with our mortgage. We were about to file for a bankruptcy when we found out about 1st Foreclosure Prevention online. We decided that at this point, we had nothing left to lose. We were already resigned that we were going to probably lose our home anyway and our credit would be shot. We are so happy that we called for a free foreclosure consultation from 1st Foreclosure Prevention and got the foreclosure help that we needed. We did not have to file bankruptcy and the loss mitigation experts were able to work out a deal with our bank. Now our credit is back to where it was before we bought the property - thanks to this company."
"I was going through a divorce and was about to lose the house. I didn't want to keep the house but I didn't want to go through the foreclosure process, either. But I had no idea that there were other options open to me in my state until I contacted 1st Foreclosure Prevention. I talked everything over with a very nice loss mitigation specialist and they gave me a personal and free foreclosure consultation. They were able to actually stop the foreclosure process and I was able to stay in my home until it was sold. After the divorce, I was able to buy a new home for myself and my children."
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.
