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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 "G"
Garnishment A statutory proceeding whereby a person's personal property, money, credits are applied to payment of a debt to a third person by proper statutory process against debtor and garnishee. This process usually involves your bank account or paycheck where your account or wages will be frozen until the debt is paid in full, usually from the pay check or bank account. Since it takes a court order to garnish your wages or your bank account, you should be served a summons to court. In other words, you shouldn't be surprised if you have something garnished. Good Faith Estimate Required to be given to you when you apply for a loan, it is an institutional lender estimate of the costs a borrower will incur during the course of the loan process, from start to finish, including inspection fees and loan-processing charges. Grace Period A period of so many days during which a debtor may cure a delinquency without any type of penalty (usually before triggering a late charge, a foreclosure or an acceleration of the balance due). You may also hear this term used with credit cards. Credit card payments can usually be made without incurring interest on your account if you pay the card off in full prior to or during the grace period, usually 28 days. Grantee The person or business (the buyer) to whom a title of a property is granted. Grantor The person or business (the seller) who grants title to another person (the buyer).
Terms of Foreclosure Beginning With "H"
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