"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 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 in a jam. I was on disability because of my back and it wasn't enough to cover the mortgage payments. My wife lost her job and got another one, but it didn't pay as good as the first job. Our house was heading for the foreclosure process and fast. But we didn't know what to do. It seemed everything was spinning out of control for us. Luckily, my wife found 1st Foreclosure Prevention online. We filled out the form for the free foreclosure consultation and got a call the next day. We talked it over with them and gave them more information. Then they gave us a case study of our situation that was really detailed. They seemed to really know what they were doing and they did because the stopped foreclosure for us. They got us out of a bad situation - we can never thank them enough."
"The foreclosure process is a nightmare and I never wanted to go through with it. But I really didn't think that there was anything else that I could do. I tried calling the bank, begging them to help me modify my loan and got nowhere. I finally contacted 1st Foreclosure Prevention and they were able to modify my loan within a matter of weeks! I guess that they are better at negotiating than I am. It was really easy on my part, too, as I didn't have to worry about anything except getting them the right paperwork. They were really nice, helpful and helped to stop foreclosure."
"We figured that we'd be going through foreclosure no matter what. But we didn't know there were things that you could do to stop foreclosure from happening to us. We heard about foreclosure scams and were hesitant to even contact anyone for foreclosure help, for fear of getting scammed. But 1st Foreclosure Prevention seemed pretty legitimate. They helped us out and were actually able to stop foreclosure from happening to us. We got a free foreclosure evaluation and they were very informative as well as professional. We were pretty impressed with their experience and their knowledge of the laws in our state. We're glad that we contacted them as they really gave us the foreclosure help we needed."
"When we found out that our house was worth a lot less than what we paid for it, we were pretty upset. We thought we had made an investment when we purchased our property, but as it turns out, it was a poor investment. We wanted to get out of the house but couldn't even sell it. We thought about just giving it to the bank, but they didn't want it. We had no idea what to do, but then I found out about 1st Foreclosure Prevention. They were able to give us the foreclosure help that we needed and even helped us with the short sale process. We were able to walk away from a bad investment with hardly any damage to our credit thanks to them."
Home / Foreclosure Dictionary
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Foreclosure Dictionary, Foreclosure Terms, Foreclosure Definitions
Capitol Improvement
Improvements to the property that add to the appraised value of the property such as new roof, new windows, maintenance free exterior. Capitol improvements are taken into considering during a full real estate appraisal.
Certificate of Sale
Issued during a foreclosure sale in which the buyer receives indication that they own the property that can be subjected to redemption by the original owner in some states. Used in some states for foreclosure sales.
Chain of Title
History of all recorded conveyances, liens and anything that affected the title of a piece of property from when the original land patent was granted. In some states, as far back as records were available.
Chapter 13
A type of personal bankruptcy in which debt is consolidated and paid back to lenders without interest through a trustee of the bankruptcy court. In some cases may reduce debt owed.
Chapter 7
Liquidation of assets in personal bankruptcy. Borrower is released from all unsecured debt and creditors receive anything of value borrower has after liquidation. Borrower is allowed to have car worth less than $1500 and less than 20 percent equity in their property .
Chattel
Refers to personal property belonging to an owner.
Chattel Mortgage
A mortgage that is placed on personal property.
Clear Title
Property that is not encumbered by liens, leases or any other diminishing flaws to prevent buyer from receiving full enjoyment of property.
Client
Principal of a broker who employs broker to act on his behalf and issues compensation.
Closing Date
The date affixed when the seller will convey the property to the buyer. Also known as a settlement date.
Cloud on Title
A lien or other encumbrance that can negatively affect the property.
Collateral
Security that is used to insure the repayment of a debt.
Collections
When a lender, or the lender’s agent, attempts to make a borrower repay their debt.
Color of Title
An invalid title to property
Condemnation
Also known as enactment of eminent domain when property is acquired by a governing board for the greater use of the public at a fair compensation to the owner. Often used to put in streets, highways, schools and other properties for the good of the public.
Conditional Sales Contract
A sales contract for real property but in which the title of the property is not turned over by the seller until the conditions are met.
Condominium
Multi family units of individually owned property located in one common area building.
Conforming Laws
Loans that meet the standards of Fannie Mae (Federal National Mortgage Association).
Conservatorship
When the FDIC (Federal Deposit Insurance Corporation) takes over a bank or savings and loan that has been declared insolvent and relies on the backup of the FDIC to give depositors their money.
Consideration
The exchange in a contract between two individuals for something of value. Usually refers to the amount that the seller is taking from the buyer for goods or services.
Constructive Notice
Information that is part of public records, publications and can be ascertained by individuals. Refers to information that courts assume someone has because it has been made public.
Contingency Fee
Referring to services rendered where payment is made on the conditions of a favorable outcome.
Contract For Deed
When a seller has title of property until the buyer completes the sale and receives the deed of the property in accordance with payments or services. Also known as a real estate contract.
Conventional Lender
Mortgage lender who will make a loan to an individual for the purchase of property that is not backed up by the FHA or VA.
Conventional Loan
Loan made to individual by lender that is not backed by up federal agencies such as FHA or VA.
Conversion
When property use is exchanged between parties.
Conveyance
Refers to title transfer of real estate from one owner to another.
Correlation
Appraisal process in the final stages when appraiser reviews all documentation and comes up with appraised value of home based on findings.
Covenants
Agreements on use of property of public record. Can also place restrictions on property as well.
Coverage
Referring to insurance such as the amount of money insurance companies will pay if a claim is filed.
Cram-down
Term used in Chapter 13 Bankruptcy referring to the fact that creditors are unwilling to accept less than monies due but are forced to because of court order.
Credit
Amount of money that an individual or business can borrow. Also refers to the amount of money that a lender is willing to lend to an individual or business.
Cured Default
When a borrower corrects a problem to the satisfaction of the lender. Example - when a borrower who is behind on their mortgage payments makes the loan current.
Current Value
Property value at the time of a real estate appraisal
