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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 "C" Capital Gain Capital Gain is the profit earned from the sale of an asset. If rolled back into a new investment, this gain can be tax free. Cash Flow is the money left over from your expenses subtracted from your earned income. You can earn cash flow from real estate by renting it out for more than your real estate expenses on that property (mortgage payments, tax payments, insurance payments, property management, and maintenance costs). Certificate of Sale A Certificate of Sale is a certificate issued at a judicial sale that gives the buyer right to receive a deed after the confirmation by a court for the purchase of the property (usually after an auction). Chain of Title A Chain of Title is the sequence of transactions (or change of hand) that tracks the title record history for a specific property. Chattel Chattel is any personal property, such as household items. Chattel Mortgage A Chattel Mortgage is a mortgage that is secured by personal property and not the property itself. Closing Closing is a term used for the time at which a real estate transaction will be completed. The gathering of the buyer and seller where both parties must agree with the terms, conditions, and monetary figures of a real estate transaction.
Cloud on Title A Cloud on Title is any outstanding claim (usually a lien) that contradicts the title's record. If the claim is valid, it impairs the owner's title and could void or hinder a seller's ability to sell property. Code A Code is a collection of laws that relate to certain topics, such as real property, patents, bankruptcy, etc... Co-Signer A Co-Signer is a person that signs a promissory note in addition to a Signer and agrees to take responsibility for a debt in case the Signer defaults on the property in which money is owed. Collateral Collateral is something of value that is pledged as security for a major debt such as property for a mortgage or personal property for a vehicle. Collection Collection is a process in which a lender attempts to obtain a default amount or full payment for a debt that is owed on anything. Once a loan is sent to collection, it is usually discharged by the lender and a Collection Agency purchases that debt for a lesser amount in hopes to make a profit by charging the person in collection more than they purchased it for. Comparables Comparables are similar real properties in the same area that are used to determine the market value of a property that is being sold. This is usually one of the determining factors when a property is appraised. Complaint A Complaint is the original or initial appeal (usually started by a plaintiff) by which an action (such as foreclosure or court) is started. It is a written statement describing the facts constituting the offense charged. Condemnation Condemnation is a judicial or administrative proceeding that exercises the power of eminent domain, through which the government or agency appointed by the government takes a private property for public use and compensates the owner. Contingency Contingency is a specific condition that must be fulfilled prior to a contract becoming a legal, binding document. Contract A Contract is an agreement between two or more persons or businesses that creates a detailed obligation to do or not to do particular things. Conventional Loan A Conventional Loan is a loan that requires no insurance or guarantees other than the property itself. It is a loan used to purchase real property that is secured by the first mortgage on the property rather than by any federal agency such as the VA or FHA. Conveyance A Conveyance is a written instrument that transfers a title to or an interest in land from one party to another (i.e. a deed of trust, an assignment, a bill of sale, etc.) Counteroffer A counteroffer is a response given to an offer that contradicts or asks for different terms of an original offer. Credit report A Credit Report is a document provided from a credit bureau (Experian, TransUnion, Equifax) setting forth a credit rating and pertinent financial data concerning a person or a company and used by banks, merchants, suppliers and the like in evaluating a credit risk. Get a 3 in 1 Credit Report Today to see where you are at financially! Creditor A Creditor is one to whom money is owed. Terms of Foreclosure Beginning With "D"
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