When a property owner cannot make the payment on his or her loan, the property is seized and sold by the bank.
The lender is willing to accept a payoff that is less than the amount owed on the property.
When the homeowner has defaulted on the loan the sheriff will auction the property off on the court house steps.
The mortgage terms are changed through a modification of the loan and both the lender and the homeowner are bound by the new terms.
Appraisal is an estimation of the value of a property on a certain date given by a qualified person.
Loan Estimate is a estimate of fees that will be charged to the borrower for a mortgage loan.
Closing Disclosure is a itemization of charges imposed upon a borrower and seller for a real estate transaction.
Pre-Approval is a commitment from a lender to provide a mortgage loan on stated terms to a borrower before the borrower has found a property to buy.
Fico Score is a number representing the creditworthiness of a person or the likelihood that a person will pay his or her debts.
Sales Contract an agreement between buyer and seller on the price and other terms and conditions of the sale of property.
Earnest Money Deposit (EMD) is a deposit a buyer makes at the time of submitting an offer, to demonstrate the true intent to purchase.
Buyer's Agent represent the buyer's interest by monitoring the transaction from start to finish: meaning that the buyer's agent works solely in the best interest of the buyer.
Title Insurance is a policy, usually issued by a title company, which insures a homebuyer against errors in the title search.