"We called 1st Foreclosure Prevention right away because a friend of ours who went through foreclosure in Florida told us about them. We knew that the sooner we acted to stop foreclosure, the better our chances. They gave us a lot of help and we were able to prevent foreclosure. Their loss mitigation specialists were great, too. They knew the laws in our state better than we did and they also had a lot of options for us that we never would have considered. Thanks to them, we are much better off. We're glad our friend recommended them and now we will do the same for others."
"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."
"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."
"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 really behind on our mortgage and getting calls all of the time from the lender who wanted their money. We didn't know what to do and thought that we would have to go through a foreclosure. We knew that this happened to other people, but didn't think it would happen to us. But I had been sick for a while and off work. The medical bills took all of our savings and we even had to refinance to pay off the hospital. We contacted 1st Foreclosure Prevention and were really impressed with their service. They were able get the calls to stop as well as the foreclosure process while we worked with them on all of our options on what we wanted to do. We decided to sell our home and move on. Thanks to them, we have another home and are not struggling any more."
"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."
Home / Foreclosure Dictionary
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Foreclosure Dictionary, Foreclosure Terms, Foreclosure Definitions
Balance Owed On Loan
Unpaid amount of any loan made to a borrower.
Balloon Payment
Refers to the final installment of a mortgage loan that pays off the debt - usually occurs in an interest only mortgage.
Bankruptcy
Federal action that either discharges unsecured debt or consolidates debt and protects a borrower from repercussions by lender. Also known as bankruptcy protection.
Bearer
Holder of a note, usually a mortgage lender, who is the Bearer of the note until it has been paid in full.
Beneficiary
1. Recipient of the benefits of a land trust
2. Recipient of profit from an estate where the title has been vested by a trustee
3. Lender in a Deed of Trust and security note
2. Recipient of profit from an estate where the title has been vested by a trustee
3. Lender in a Deed of Trust and security note
Beneficiary’s Statement
Conditions and balance on secured loan, written by beneficiary (usually lender) on a mortgage usually secured by a Deed of Trust.
Bill of Complaint
With regard to a judicial foreclosure, the paperwork that is filed in the county where the property is located that details the situation at hand, the jurisdiction of the court and seeks relief from the court. Also just known as a Complaint.
Bill of Sale
Legal document used in real estate transactions, lists personal items such as appliances, curtains, etc., that are transferred to the buyer as part of the sale of the property.
Bond
Assets or money that is set aside for court payment that is placed upon another person regarding a certain event.
Broker Price Opinion
Referring to reasonable selling price on a home based upon current marketing conditions and a real estate broker’s estimate rather than an appraisal.
Buydown
When a seller agrees to pay the costs of a buyer’s loan, such as points that are due on the interest rate of the loan, that can reduce the amount of the mortgage paid by the buyer. Usually used in FHA mortgages. In some cases, buydown monies can be paid outside of closing.
