"We were headed for the foreclosure process and knew that it would really mess up our credit. But we didn't think we had a choice. We tried to reason with the bank and pay them less but they didn't listen. They kept calling and sending us notices. We went to a lawyer who told us to file bankruptcy and wanted a lot of money to do this. If we had that money - we would have paid our mortgage! So finally, we called 1st Foreclosure Prevention after we saw them online. They were able to get us the foreclosure help that we needed and got us a good loan modification to prevent foreclosure."
"When we found 1st Foreclosure Prevention, we were about to file bankruptcy. We thought it was the only way to stop the foreclosure process. We were so embarrassed at having to do this and didn't want our kids to even know. But we had to act right away if we wanted to stop foreclosure from happening to us. We had an adjustable rate mortgage that ballooned out of control and I lost my job. We had nothing to lose by getting the free foreclosure consultation from 1st Foreclosure Prevention. We were actually surprised at all of the choices we had to stop foreclosure. Thanks to them, we didn't have to file bankruptcy and are no longer in debt."
"We didn't want to go through the foreclosure process. We were so embarrassed that we were facing a foreclosure and knew that all our neighbors would find out. A couple down the street had a foreclosure and they posted a sign on the property. It was so embarrassing. But we knew that it was coming. My husband lost his job and we were really struggling to make ends meet. We didn't want to lose our home, but felt we had no choice. We were really ashamed of what happened to us. Then we talked to 1st Foreclosure Prevention and they made us feel so much better. They didn't make us feel ashamed and actually gave us the foreclosure help we needed. Thanks to them, we didn't have to go through the foreclosure process that would have pained the entire family."
"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 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."
"After my husband died, I couldn't the mortgage payments at all on our home. I didn't know what to do and had tons of medical bills. I was at my wits end and was struggling just to get up in the morning because the foreclosure was making me so depressed. I had no idea what to do and was just going to let the bank take the house since I couldn't afford the payments. A friend told me about 1st Foreclosure Prevention. I contacted them and they gave me a free foreclosure evaluation and told me what I could do to keep my home. They negotiated with my lender for me and helped me stop foreclosure. Best of all, they relieved my mind from worry. They were very nice and really knew how to give me foreclosure help. Thank you."
Home / Foreclosure Dictionary
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
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.
