An advance of the due date on a debt established through a clause in a mortgage or deed of trust.
Where the interest rate on the note and mortgage can vary on a set schedule or on a formuladuring the life of the loan.
A written contract laying out the terms of a sale between the buyer and seller.
The process of decreasing, or accounting for, an amount over a period. When used in the context of a home purchase, amortization is the process by which the loan principal decreasesover the life of your loan.
A professional evaluation procedure used to estimate the value of a property. An appraisalusually has recent sales of comparable properties in an area. The valuation methods for appraisals include sales comparables and income and cost-basis analyses.
An increase in the value of real property or assets.
A past due amount on a debt, which starts to accrue from the date on the first missed payment.
The purchase or sale of a property in its existing condition without repairs.
A seller's stated price for a property.
The dollar value assigned to a property for purposes of measuring applicable taxes. Assessedvaluation is used to determine the value of a residence for tax purposes and takes comparablehome sales and inspections into consideration.
An assessor is a specialist who calculates the value of property.
A uniquely identifiable number assigned to each parcel of land by the County Tax Assessor.
The legal transfer of a note and mortgage from one holder to another. Assignments can occurmore than once for a note and mortgage.
A mortgage loan that can be taken over by the buyer at the time of sale of the property.
A public proceeding where properties that have gone through Notice of Default (NOD) and Notice of Sale (NOS) are made available for purchase by a public bidding process.
In United States bankruptcy law, an automatic stay is an automatic injunction that haltsactions by creditors, to collect debts from a debtor who has declared bankruptcy. This includes foreclosure.