| Assumption |
When a person takes title to the property and assumes liability
for the payment of an existing note or bond secured by a mortgage
against the property |
| Deed in Lieu |
To voluntarily surrender the property
to the lender/investor instead of having it foreclosed on
|
| Extension/Extension Stipulation |
To postpone specified monthly payments to the
end of the loan, beyond original maturity date |
| Forbearance/Repayment Plan |
A specified payment plan, agreed upon by the
lender over a period of time to cure the past due amounts |
| Loan Modification |
Changing the terms of the note, by possibly
lowering the interest rate or converting the loan from an adjustable
rate mortgage loan to a fixed rate loan |
| Pre-Foreclosure Sale |
Allows a borrower, delinquent on their mortgage,
to sell the home and use the sale proceeds to possibly satisfy
the mortgage debts |
| Short sale/Short Payoff |
Lender accepts less than the full payoff to
satisfy the debt |
