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Terms of Foreclosure and Their Definitions!The Terms of Foreclosure and their definitions will help you understand the foreclosure process and better handle the situation you are in or are about to experience. Get a step ahead of the lenders by understanding what's going on and how to deal with it. Most people enter a foreclosure blind, not knowing anything about the process. By that time, it's almost too late to figure out what's going on and you are susceptible to scams and expensive legal fees when all you have to do is ask for help. The first step in learning the process of foreclosure is to learn the terms of foreclosure. We will keep it as basic as we can so you can understand all of the terms of foreclosure you are learning. Terms of Foreclosure A B C D E F G H I-K L M N-P Q-R S T U-Z
Terms of Foreclosure Beginning With "B" Balloon Payment
Bankruptcy is a legal process
filed with a federal bankruptcy court that allows a business or
individual to reorganize or discharge defaulted credit obligations due
to being late on payments. Bankruptcy is a way a person can
make legal arrangements with their creditors to pay all of their past
due amounts off to make their accounts... A Beneficiary is a person that is entitled to receive money or assets (or liabilities) from a trust or an estate at the time of death or incapacity. During the mortgage process, a lender is your beneficiary with a deed of trust or a note as a security for a loan. If you don't have a beneficiary in your will, the lender can possess your property. Betterment Betterment is the process of any kind of improvement with real estate that raises the market value of the property. Bid A Bid is a reasonable offer by an intended purchaser for the purchase of property at auction or during the sale process. Bill of Sale A Bill of Sale is a written document that transfers the title of personal property to another party. Blanket Deed of Trust A Blanket Deed of Trust is a deed of trust that is secured by more than one lot or parcel of land. Borrower A person or entity that is lent money or things upon request for the money or thing. BPO Brokers Price Opinion. A form of investors insurance on residential and commercial properties. Breach To Breach is to break or violate the terms of the law or obligation (ie. breach of contract). Broker A Broker is an agent authorized by the state to deal in real estate, insurance, or other investments. Brokerage A brokerage is a firm that brings a buyer, seller, and lender together to agree on a contract to purchase an investment. Buy-Down Mortgage A Buy-Down Mortgage is a financing technique that is used to significantly reduce monthly payments for the first few years of a real estate loan. This is usually done in the form of discount points given to a lender by the builder or seller to "buy down" or lower the interest rate the buyer will be charged, thus reducing the monthly payments for a set amount of time. Buyers Market A Buyers Market is a market condition that has fewer buyers than sellers. This is usually indicated when real estate is on the market for greater than 90 days and/or the interest rates are extremely high (12% or higher).
Terms of Foreclosure Beginning With "C"
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