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The legal process by which a property may be sold and the proceeds of the sale applied to the mortgage debt. A foreclosure occurs when the loan becomes delinquent because payments have not been made or when the borrower is in default for a reason other than the failure to make timely mortgage payments.


A firm that performs functions in support of a mortgage that include collecting mortgage payments, paying the borrower's taxes and insurance, and generally managing borrower escrow accounts.


The process in which a servicer works with a delinquent borrower to sell the house by a real estate agent prior to the foreclosure sale.

These definitions are taken from the FannieMae website and are part of a Glossary of Terms supplied to make Homeowners familiar with Real Estate  processes. They are included in this website as courtesy.

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