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Short Sales

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.

Foreclosure

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.

Servicer

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.

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.

© 2017 by Joy Mengeringhausen - Century 21 Sunbelt Realty
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