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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 "D" Debt A debt is an obligation from one party to another in the sum of money due in accordance with the specifications of an agreement. It not only expresses the obligation of debtor to pay a debt, but the right of the creditor to receive and enforce payment. Debt Ratio Debt Ratio is used to compare a total of a person's monthly debt payments with the gross monthly income the person has. It is used to evaluate the ability of a person to pay an additional debt such as a new mortgage. It is also known as Debt-to-Income ratio. Debtor A person or entity that owes something, generally money. Decree of Foreclosure A Decree of Foreclosure is a court order used to set out an outstanding amount on a default mortgage in order to sell the property to pay the lender. Deed A Deed is a written instrument that, as soon as it is executed and delivered, transfers title to or an interest in real estate from one to another.
Default Default is what occurs or what one becomes when they fail to make payments of a loan in full, on time, at all, or otherwise live up to any other obligations or agreements that they have. Defeasance Clause A Defeasance Clause is used in leases and mortgages that is designed to cancel or void a specified right upon the occurrence of a certain condition, such as the lender foreclosing on a property if the borrower defaults on the loan. Defendant In legal proceedings, a Defendant is the person who must defend themselves against any claim made with a Court action. Deficiency Judgment A Deficiency Judgment is a judgment entered during a lawsuit when a property is sold for less than the amount of the loan. Delinquency Delinquency or to be delinquent is a condition when payments on an obligation are being late but not yet in default. Demand Letter A Demand Letter is a letter sent to the borrower giving them "notice" that they in breach of the terms of their loan Note. It is also called a "Breach Letter" or "Notice of Intent to Foreclose". This letter will advise the borrower of their right to "cure" the default. Department of Housing and Urban Development (HUD) HUD is a federal department that centers on programs involving housing and renewal of city communities. Department of Veterans Affairs (VA) The VA is an independent federal agency that oversees programs for military veterans including various loan and mortgage programs. The VA allows most veterans to purchase a home with the benefit of not making a down payment. Disclosure Statement The Disclosure Statement is used to express the terms and conditions of a loan. Someone's Dower Right is an interest in real estate established by state law that is intended to protect a non-title holding spouse. Due-on-Sale Clause Due-on-Sale is a clause within a mortgage that requires the mortgage be paid in full upon the sale of the property to another party. Due Diligence Due Diligence is the measure of persistence, prudence, activity, or earnest effort made as is to be expected from any reasonable and prudent man under particular circumstance or situations.
Terms of Foreclosure Beginning With "E"
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