"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 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."
"I couldn't sleep at night because I was so worried about my mortgage and what was going to happen to me and my kids. I had been working two jobs to try to keep up on the mortgage payments since my divorce and there just didn't seem to be an end in sight. Then I lost one of the jobs when the place closed down. A friend of mine told me I was better off to do what I could to stop foreclosure before it started, so I contacted this place that I found online, 1st Foreclosure Prevention, and they gave me so much foreclosure help! I couldn't believe that they could be so nice and caring. They took it all off my shoulders and I was finally able to sleep. They saved 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."
"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."
Home / Foreclosure Dictionary
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Foreclosure Dictionary, Foreclosure Terms, Foreclosure Definitions
Equity Skimmer
Term used for scam in which a person promises to pay the loan based upon assuming the mortgage, collects money from the equity on the property, usually rents out the property while keeping the cash for rent.
Escrow
Monies held on deposit by the lender to pay for taxes and insurance on property that is mortgaged to make sure the lender’s interests are secured.
Estate
Refers to the degree of interest that a person has in real estate property.
Estoppel Certificate
Used in foreclosure to refer to the balance due on the mortgage as of a certain date when the certificate has been signed by the lender.
Eviction
Procedure in which a tenant or illegal dweller is forcibly removed from premises.
Exclusive Right To Sell
Term used by real estate brokers in which the broker or broker’s agents have exclusive rights to sell the property and retain compensation.
Execution Sale
Sheriff sale of property in response to court order.
Extending Loan Term
Allowing the borrower more time to pay a loan.
Extension Agreement
The agreement that allows for extending the loan term signed by borrower and lender.
Earnest Money
Money usually deposited with sales contract to show that buyer is in earnest and of good faith in wish to purchase property.
Earnest Money Contract
Also often referred to as a promissory note. When the buyer does not put down money, but signs an enforceable contract promising to pay earnest money due if sales contract is accepted.
Easement
A right of way that can adversely or positively affect real property that is reflected on the title.
Encroachment
When an object or building is located on property not belonging to them.
Entry and Possession
Foreclosure measures used in some states where the lender takes possession from the borrower by a court order or through peaceful means.
Equity
The amount of money of the FMV of the home less the amount the borrower owes on the property.
Equity Cushion
Refers to the amount of equity that must be in property before a lender will issue a mortgage or make an equity loan.
Equity Loan
Borrowing against the equity on your property. Also known as a second mortgage.
Equity Right of Redemption
When property owner, based upon having equity in the property, can stop foreclosure by paying off the debt.
Encumbrance
Interference in transferring the property due to liens, obligations, foreclosures or unpaid taxes that is reflected on the title.
