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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 "H"
Habendum Clause This term means "to have and to hold" which defines the quantity of the estate that is transferred to the new owner of land. Home Equity Line of Credit A larger loan that is secured by the owners property which can be repaid and borrowed again at the owners convenience. It is also known as a HELOC. The rate for a HELOC is much like that of an adjustable rate mortgage, so you must be careful when using money from your HELOC for debt reduction. Home Equity Loan Home owners who borrow money against the equity in their homes, usually to fix up an existing home or to fund larger purchases for the home. HUD 1 Statement A form, usually given by a bank or lending institution, that includes the costs of purchasing a home. This is a very complicated form an you should always discuss all of the charges on this form with a very knowledgeable person prior to making a purchasing obligation. Hypothecate When you use something as security, such as with a personal loan or other promissory type note, and still retain possession of it. If you default in the loan, you jeopardize losing that item you put up as security.
Terms of Foreclosure Beginning With "I-K"
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