Please click on a Term or Acronym to view it's definition.
Legal Terms
• FORECLOSURE DEFENSE
The overall process of defending you in court regarding a Foreclosure.
• LOAN MODIFICATION
Restructuring the terms of your mortgage to give you a payment that you can afford.
• SHORT SALE
Selling the property for less than what is owed on it. The bank may try to get you to pay the difference.
• A DEED IN LIEU OF FORECLOSURE
Turning the house over to the bank. The lender will not come after you for any further money.
• FORENSIC AUDIT
An inquiry into the terms of your mortgage to determine whether any rules have been broken by the lender. Provides expert testimony to the courts by documenting mistakes made by the bank.
• FORBEARANCE AGREEMENT
An agreement by the bank to lower your monthly mortgage payments for a relatively short period of time, generally not longer than six months. AT THE END OF THIS PERIOD YOU WILL THEN BE OBLIGATED TO CATCH UP ON YOUR PAYMENTS!
Acronyms
• FDCPA
Fair Debt Collection Practices Act
• HOEPA
Home Owners Equity Protection Act
• RESPA
Real Estate Settlement Procedures Act
• TILA
Vocabulary and Terms
• MORTGAGE
A loan obtained by a debtor from a creditor with the understanding that the debt will be paid within a certain period.
• FORECLOSURE
The process of taking possession of a mortgaged property as a result of the mortgagor's failure to keep up with mortgage payments.
• DELINQUENT
• COUNSEL
The lawyer or lawyers conducting a case.
• LENDER
• SUMMONS
An order to appear before a judge or magistrate.
• DEFICIENCY JUDGMENT
An unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the loan in full.
• PROMISSORY NOTE
A contract where one party makes an unconditional promise in writing to pay a sum of money to the other, under specific terms.
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