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ACCELERATION CLAUSE
This is the section in the deed or contract whereas a mortgage or trust which speeds up the time when your indebtedness is already due.
ACTUAL NOTICE
It is the personally and directly served notice in a certain party.
ADJUDICATED NEWSPAPER
It is the authorized newspaper that has all the necessities needed in judicial for the legal notices publication.
ADJUSTABLE RATE MORTGAGE (ARM)
It is the fluctuation of the rate in interest of a certain loan with regards to the particular financial catalog.
ADVANCES
It is the payment done by the lien holder in behalf of the title-holder. It is often done momentarily to treat delinquency older encumbrances that are near to extinguish their place.
AFFIDAVIT
It is the notarized sworn statement of the affiant which was also signed in front of the witnesses.
AGREEMENT OF SALE
The other term that of this is an agreement to convey whereas it is contract of the buyer and the seller which they both signed and agreed upon the selling of a real property.
AMORTIZATION
It is the type of payment which is done gradually in the equal series of amounts periodically until the whole amount of debt is already paid and it includes the interest. A length of 30 year is the common amortized of loans.
APN
It stands for Assessor's Parcel Number that means that it is the process of identifying a number of a portion of property that was set by the County Assessor and the County Tax Collector used it on the tax statement.
APPRAISAL
It is a declaration of value that was prepared by expert that is credentialed or licensed as of a specific date. This expert should be one of a few recognized institutes for appraisal and fulfilled with the requirements of training of the state.
APPRECIATION
This is the increase amount of the worth of a property from its original amount.
ARREARS
In general it is about the advances, late charges or being past due in the installment fee.
ASSESSMENT
This is usually being paid twice a year for more than a period of 10 years. This is the imposed bonded tax for the improvement of the community like the alley or street paving, sidewalks, curbs and others.
ASSIGNEE
This is the person of whom the interest is being transferred of.
ASSIGNMENT
Beside the real property it is an interest which was written in a document that is being given from one person/entity to another.
ASSIGNOR
It is the person who is responsible in assigning the transfer of the property.
ASSUMPTION OF MORTGAGE
It is an agreement between new owner and the debtor/lender that the new owner of the property agreed that he/she is liable personally for the re-payment of lien that is pre-existing.
BALLOON PAYMENT
It is the final and larger amount of the installment payment that you have given in a lump sum than the regular payments of a promissory note.
BANKRUPTCY
This is when the debtors do not have the ability to meet the creditor’s claims will be judge by the court as bankrupt which was preceded in the US District Court.
BENEFICIARY ("Bene")
This is the person who gets the benefit to whom the trust is made by the lender that was protected by a deed of trust.
BENEFICIARY'S DEMAND
This is the required payment of the beneficiary which is supported by a deed of mortgage/trust prior to authorizing a re-conveyance.
BENEFICIARY'S STATEMENT
This is the declaration made by the beneficiary in a deed of trust in a promissory note with concerns to the information about the loan like the total due balance.
BENEFICIARY'S HIGH BID
This is the whole indebtedness like the advances, late charges, interest and principal.
BENEFICIARY'S LOW BID
This is the whole indebtedness without the late charges and the interest, this is also called the Specified bid which was often see on the VA loan.
BID
This is the verbal bid that were conducted by the trustee’s sales with the trustee or the auctioneer beginning with a lowest bid, the whole amount of money for the beneficiary and afterwards the bidding will be opening up to other bidders that are qualified.
BREACH LETTER (AKA Notice of Intent to Foreclose)
In the most States, this is the first part of the process of foreclosure which was two parts. This notice is prepared by the trustee or the lender which has particulars concerning the deed of trust that is affected and the failure to pay, among others. The foreclosure action or the loan current will begin to be brought out by the debtor that is being allowed with the default period time.
BUSINESS DAY
This is the working days besides the Sunday and the other business holidays such as Christmas Day, Thanksgiving Day, Veterans Day, Columbus Day, Labor Day, Independence Day, Memorial Day, Washington’s Birthday and New Years Day.
BUY-DOWN
It is a balance or the upfront payments to minimize the rate of the interest of the loan to the lender.
BUYER'S MARKET
This is the market whereas the buyers are fewer than the sellers, this is indicated by the long period of marketing of about 90 days or more and in general a rate of interest of more than 12% of high mortgage.
CANCELLED
This is the termination of the foreclosure file, oftentimes during reinstatement, when the permitted period of postponement expires or payoff.
CAP
This is the upper limit negotiated of the rate of interest on mortgage variable rate can increase for over the mortgage life and annually.
CASHIER'S CHECK
This is fund f the issuing bank where the check was draw or the payable is guaranteed unless otherwise on the circumstances that it was stolen or lost.
CHAIN OF TITLE
It is a document’s list in chronological order which was contains the history of the title record to a particular real property.
CLEAR TITLE
This is what they call the title that is not loaded with defects and encumbered.
CLOSING COSTS
This is the various expenses of the transaction of a close or complete real state incurred by the seller and the buyer. This will be added to the property’s price.
CLOUDED TITLE
It is the contradiction of the record of the title as the way the interested party or the property owner understood it by means of defect or encumbrances and any claim.
CODE
This is a set of laws or rules with regards to a specific topic.
COLLECTION SERVICE
This is the unbiased third party who disburses and receives money with accordance to the both agreed executed collection which was signed by the payee and payor of a debt.
COMMISSION
This is the amount given to the real state broker and agent.
COMMON AREA
This is the condominium’s property project that is used and owned together by all the owners.
COMMON LAW
This is the English Law’s body that is unwritten and founded ahead the usage, precedents and customs.
COMMUNITY PROPERTY
This is a property’s category in some states like Washington and California which states that every property that is acquired during marriage of either the wife or the husband is owned by the both of them.
COMPARABLES (Comps)
The same property which was situated in the property of the neighbor you are interested in that are recently sold or listed for sale.
CONDEMNATION
This is the eminent domain’s power of taking a private property by the government entity for public use.
CONDOMINIUM
This is a building with a multiple units which shared ownership by the group of individuals and ownership collectively right to use the common facilities to all the owned units separately.
CONFORMING LOAN
This is a loan that obeys with the guidelines of the national secondary market given by the FHLMC, "fannie mae", FNMA etc.
CONSTRUCTIVE NOTICE
This is the note given by the public records like the county recorder's records.
CONTIGUOUS
This is the 2 or more parcel of land that is next to one another.
CONTINGENT
This is the dependency of a future condition or event that is not certain.
CONVENTIONAL (Conforming) LOAN
This is the loan that is protected by the deed of trust that is really according to the worth of the property than a loan that is first protected by insurance “FHA” or a guarantee of the government “VA”. Usually the amount of the load is not more than 80% of the property’s worth.
CONVEY
This is the act of transferring or deeding of title to entity or individual.
CONVEYANCE
This is a written document that is transferring an interest in the land or title from a certain party to another like a bill of sale, an assignment, a deed, etc.
COVENANTS, CONDITIONS, AND RESTRICTIONS (CC&R's)
A statement that records, controls, qualifies and limits a certain individual owners of the unit about what are permitted to do in the community like a planned development of urban or project of condominium, etc. This is for the purpose of uniformity maintenance.
CREDIT BID
This is starting bid at a sale of the trustee with respect to the foreclosing beneficiary. This is made on a credit basis when it is not more than the whole amount of money payable to the beneficiary but the moment it goes higher the payoff’s total amount then this is the time that the beneficiary must starts bidding with cash, the same with other bidders.
CREDIT LINE MORTGAGE
This is a mortgage or a deed of trust that supplies for more advances on the future to the borrower. With regards to the priority of the succeeding advances there is a possibility that uncertainty will exist. There are unreliable elements that are independent which giving details to the real facts for every instance, which is the problem the speculator of the foreclosure is facing.
CROSS COLLATERAL LOAN
More than two or two properties are utilized to protect a loan; one of them may be a personal property such as a hotel with furnishing and furniture.
CURE THE DEFAULT
This mean payoff or reinstatement.
DATE-DOWN
This is an addition to the continuing search of title that is carry out within the process of foreclosure by means of sale guaranty of trustee. It is done to be certain that every lien holders get informed about the action of foreclosure and when documents are recorded.
DECLARATION
It is a statement created under of the penalty of perjury and is non-notarized.
DEED
This is a document written to transfer from one party to other party the ownership of a land. The “grantor” is what we called to the seller while “grantee” is the term we used to call the buyer. Deed may be presented in various kinds and it depends to other circumstances like the deed’s language and the grantor’s legal capacity.
DEED OF TRUST (TRUST DEED)
This is the instrument for security which is tree party conveying the real property’s legal title as a guarantee for the loan’s repayment. The “grantor” here is the owner. The bare official title is expressed by the unbiased third party who is called the “trustee” and “beneficiary” is what we called the lender. The deed of the re-conveyance is issued by the “trustee” who is directed by the beneficiary if the load is already paid off; it is issued to the grantor, which puts out the trust deed lien.
DEED-IN-LIEU OF FORECLOSURE
This is used by the owner to freely convey the property title to the lender of the beneficiary to keep away from the pessimistic credit consequence of the foreclosure. Generally, the lenders are unwilling to accept the "deed in lieu" except that the title is clear and free of other encumbrance prior to the owners and theirs carry out an estoppel affidavit and special deed of warranty deed giving acknowledge that they are acting within their choice and with knowledgeable permission.
DEFAULT JUDGMENT
This is the judgment made against when the defendant does not appear in the court.
DEFICIENCY JUDGMENT
This is the judgment made personally subsequent to deed of trust judicial foreclosure for the total remaining amount due against the debtor.
DEMAND
This is the necessary amount of pay off for a secured debt to retire.
DEPRECIATION
This is the diminishing worth of value of a certain property that often happens because of the time it’s used and the obsolescence of the improvement of the land unfavorable change in the neighborhood.
DISCLOSURE
This is what regards to the real state that is showing the facts that are all known with concerns to the transferred property.
DOC STAMPS
This is excise transfer tax documentary that are gathered by the County Recorder
DOCUMENTARY TRANSFER TAX
It is a tax charged legally on documented transfer of the real property title. The declaration of tax is commonly found in front of the deed.
DOWN PAYMENT
This is the buyer’s commitment up-front cash payment. The difference is makes up between the loan amount and the property’s sales price.
DUE ON SALE CLAUSE
This is the deed of trust provision calling for the loan’s whole pay-off balance in the transfer of title or event of sale to protected real property.
EARNEST MONEY
This is the payment made in advance to the property price that has been purchase that combines the property purchase contract to the parties. Unless otherwise specified that there is a fault from the buyer this purchase is usually not refundable.
EASEMENT
This is the right that was giving by someone to cross to some other property for a specific and limited purpose.
ENCROACHMENT
This is an overlap or intrusion of the next door neighbor’s development in to a neighbor’s contiguous property.
ENCUMBRANCE
This is a legal claim or right or lien up on real property that reduces the equity of the owner or the value of the land. Common encumbrances are easements, C C & R's, mechanic’s liens, assessments, judgments and trust deeds.
ENDORSEMENT
This loan guaranteeing happens when the grantor promised to pay but failed.
EQUITABLE TITLE
This is the power to possession presently, with the addition of the power to get legal title the moment the several condition guides has been met.
EQUITY (IN PROPERTY)
This is the value of the property presently subtracting the total of the whole liens opposed to it.
EQUITY LINE OF CREDIT
This is a kind of loan that acts the same as a credit card, where the as needed the homeowners loan money up to the limit that is pre-negotiated. The borrower of the money can pay the balance as slowly or as quickly as they please and the interest will only be paid on the used loan amount.
ESCROW
This is the neutral third party that works on behalf of both the lender/borrower and the buyer/seller in executing the main instruction to the final closing. Escrow is the person that works as the documents and the involved funds custodian and makes documents’ delivers, disbursements and effects the important changes to the record of the title of the property subject.
ESTATE
This is the amount, nature and degree of the ownership or interest of the individual may have in any property. It is often used as description of the property that is left after the death.
ESTOPPEL
This is the bar to the right’s assertion or a consequence defense of a representation or act and previous position.
EXCEPTION
This is the real property’s interest that’s not included from the transport to the grantee and stay in the grantor.
EXCHANGE
This is the equal real property transfer that has a specific tax advantage over the similar properties sale.
FAIR MARKET VALUE
This is the maximum property price will carry to the open market, given a freely, informed and willing seller and buyer.
FANNIE MAE
This is the biggest investor secondary market in the United States residential mortgages the Federal National Mortgage Association. It gives a orderly and steady market for the bank when it has to sell mortgage to keep the portfolio of the loan in balance with liquidity ratio of the government mandated.
FEE SIMPLE
This is the complete and most absolute ownership of the land that has nothing limitation to a specific classes of heir or other restriction.
FHA
It stands for Federal Housing Administration and it is now a HUD branch. Its fundamental function is to urge housing to the mandates of the Congress by giving insurance for the mortgage to the institutional lenders on the created loan under the dissimilar 47 loan programs that is now sponsored by the FHA. With the insurance in the loan the lenders are now eager to lend with the low down payment and at rates that has a smaller interest.
FINANCING STATEMENT
This is the document that the UCC or the Uniform Commercial Code is prescribed which supplies notes that a agreement of security encumbering the existing personal property between the parties. It is filed or locally recorded with the State Secretary. The real state mortgage is does not applied by this procedure. On the other hand, because sometimes it is not clear if the items specified are personal or real property, the lender is always recorded the financial statement.
FIRST TRUST DEED
This is real property lien which is higher to some other lien of record.
FIXED RATE LOAN
This is the type of loan that bears a steady rte of interest that is not varying over the lifetime of the loan. The loan with a fixed rate does not change through out the time in the fully amortized monthly payments.
FLIPPING or PIVOTING
Within a brief holding period the property’s buying and then reselling is made.
FORBEARANCE AGREEMENT
This is an agreement formally made by the lender and the borrower to postpone temporarily an ongoing foreclosure by creating payments on the owed funds.
FORCED SALE
When someone does not really want to dispose the property but loses or sells it.
FORECLOSURE
This is the property that was pledged for security and was forced to sell it for a debt that goes in to a default.
FORTY THIEVES
These speculators of foreclosure which is the professional local groups are working in a concert at the sales of trustee rather than the straight competition. Their sideline, orchestrated activity of bidding works to keep down the levels of bidding and the result is that the over-bids are being reduced going to the interest of junior holders.
FREE AND CLEAR
This is the property of the owners that are indebtedness free. It is when the equity of the owner is the same to the value of the fair market of her property.
FRIENDLY FORECLOSURE
It is the instigated foreclosure by the owner or the debtor for ulterior several reasons that is in general to make the clouded title cleared, etc.
FUTURE ADVANCES
This is the money that is lent additionally that is protected by previously existing trust deed and promissory note.
GENERAL LIEN
This is an individual against the lien. When the lien becomes the part of a public record and recorded the individual who owns a real property or comes in to a title attached automatically by the law’s operation.
GRACE PERIOD
This is the given time to the debtor which he/she’s delinquency may be cure without penalty.
GRADUATED RATE LOAN
At the beginning of the loan it will start in small payment then it will go up at a rate that is pre-determined at the start of the term of the loan, when the payment is increase in a particular level it will stay that way for the rest of the loan’s life.
GRANT DEED
To transfer title in some of the states this deed is extensively used. There are many of indirect warranties credited to it, the major one is that the power of conveying the property belongs to the grantor and the property has not encumbered by the grantor any more than disclosed already. If the title is proven defective the grantee may hold the liability to the grantor.
GRANTEE
This is by a deed the real property title is acquired by a person.
GRANTOR
This is by a deed the real property title is being transferred by a person.
HARD MONEY LOAN
This is otherwise the credit extension, the transaction of the loan changed hands the actual money.
HAZARD INSURANCE
This is the protection of the property from any damage or ordinary hazards such as windstorm and fire.
HOMEOWNER'S WARRANTY (HOW)
This is the policy of the insurance wherein the homeowner that is new is insured from the system defects like the air-conditioning, heating, plumbing and wiring.
HOMEOWNER'S ASSOCIATION
This is a nonprofit, private homeowner’s organization that is working in agreement with the restrictions, conditions and covenants that is recorded of their certain development. Its main goal is for the maintenance of their area amenities and facilities by charging every owner of the unit of its project share for the expenses of the operation.
HOMESTEAD EXEMPTION
By homestead declaration that is recorded the place where the owner lives is secured with extent limitation. Regardless of their main concern the trust deeds, and voluntary liens has no effect against it. On the other hand, the owner’s equity is protected from the involuntary liens as far as the value of the property does not exceed the total of the whole lien and also the exemption of the homeowner’s homestead.
IMPROVEMENTS
Is where someone from the company gives the property extra upgrades. This way the property is valued more,
IN LIEU OF
It is a different alternative then the original plan, deed, or contract.
INJUNCTION/TRO
It is a legal term used by judges in foreclosures, it gives them time to find out if the paperwork is filed properly.
INSTITUTIONAL LENDERS
This is where a bank or insurance company lends out money for the deposit of the property. They do personal loans.
INSTRUMENT
Is any type of legal documents involving the property.
INSURABLE INTEREST
All insurance policy has to have insurable interest on the form, otherwise the place will not be covered. Interest is where if the property is harmed in any way, it can cause the owner a big loss.
INTER PLEADER
This is a petition to the court, for any amount of money will be properly divided among the people that are filing.
INTEREST
When you borrow money from a bank, they put interest on the loan. That way they get a little more money then what they borrowed out.
INTERPLEADER ACTION
Is asking the court to make a decision on the case.
INVOLUNTARY LIEN
Is where the law makes the lien on the owner, without the owner wanting it.
JOINT TENANCY
Is a partnership where two people own the property. If one owner dies then the other owner gets all of the property.
JOINT VENTURE
Where a business operation buys into the property. So there will be more then one owner.
JUDGMENT LIEN
It is a lien that is only good for ten years; it will be created by the court. You have to pay a certain amount of money to the creditor.
JUDICIAL FORECLOSURE
It is where the court decides to foreclose on certain property.
JUMBO LOAN
Is where the loan is a big one that Federal agents can purchases the property. The Jumbo Loan usually passes the limit for most loans.
JUNIOR BENE BUYOUT
Where a property is sold at a big discount due to a foreclosure of a senior beneficiary. So it is available to the junior beneficiary to but the property.
JUNIOR LIEN
It only has one claimant on the property. The property has no one fighting for it.
LAND CONTRACT
Where the buyer of the property owns the property, but does not have the title until the property is paid off.
LEASE OPTION
This is a option for the owner to lease out the property
LEGAL ACTION
Is where the federal or state imposes on a law that was broken
LEGAL DESCRIPTION
Is where the property is described for government listing, such as maps and surveys.
LIEN
Is where there is a claim on the property by someone.
LIS PENDENS
It is a record that could affect the title to the property to the owner. It might only happen to some of the property, and not all of it.
LISTING AGREEMENT
It is where a licensed real estate agent has an agreement with the buyer and the seller of the property.
LOAN-TO VALUE RATIO (LTV)
It protects the lender; and the value of the property with the loan. Some Lenders ask that the loan does not exceed 75% to 85% on the market value of the property.
LOT BOOK/JUDGMENT LIEN REPORT
The report is missing information on assessments of the property.
MAILINGS
If the civil code asks for this, then the stuff will be mailed out regularly or certified.
MARGIN
It helps the lender determine the interest rate on the loan. Lets them know what to charge the person borrowing the money.
MARKET VALUE
This is the value of the property. Someone will come in and determine how much the property is worth.
MARKETABILITY
This is where the owner of the property would not object to the title. The title is cleared enough for them to take it.
MECHANIC'S LIEN
Where the property has had no improvements made to it. It is also when the improvements were made without being recorded.
MEMORANDUM AGREEMENT
It is a contract in writing so people can memorize it.
MODIFICATION AGREEMENT
Is where the promissory note is changed for both parties of the property. The parties selling the property and the ones buying the property have made changes.
MORTGAGE
Where a lender has a written agreement for the owner to repay the loan.
MULTIPLE LISTING SERVICES (MLS)
Where there is a bunch of agencies pooling together, to get property. This way they have a wide variety of houses on the market.
NEGATIVE AMORTIZATION
It is a increase in the loan amount. This happens when the payment is less the then interest rate. Some states do not permit the increase of the loan, making the person feel hopeless.
NEUTRAL MARKET
It is where there is no favoritism in the real estate market. The agent does not favor one or the other that involves the property.
NON-JUDICIAL FORECLOSURE
There is no courts involved in the foreclosure of the property.
NOTARY PUBLIC
Where there is a legal, licensed witness involving the signing of documents.
NOTICE OF DEFAULT
This is documentation that is sent out to someone who is not making their payments. This gives the person time to payoff the loan. This is prepared by the trustee.
NOTICE OF INTENT (To Foreclose- AKA Breach Letter)
Another phase of foreclosure mail that gets sent out. Telling them to pay on the loan they have on the property.
NOTICE OF NON-RESPONSIBILITY
This is where the owner is not held responsible for the tenants of the property. That any liability from work being done on the property is the tenant’s responsibility.
NOTICE OF TRUSTEE SALE
This notice is prepared by the trustee, and gives a description of the property being foreclosed on. It will give dates, times and the pending sale.
OFF CALENDAR/DROPPED
This is a ongoing foreclosure that is taking awhile. It will be removed from the trustee’s calendar. There will have to be a new sale recorded in order for the sale date to be set.
OFFICIAL FEES
This only happens when Civil Codes are involved.
OFFICIAL RECORD
This is where the county recorder makes the descriptions of the court. It is legal and binding.
OPTION
Gives a person the right to buy the property at the price given.
OVERBID
This is when someone is bidding on the property, and it goes above the asking price.
OWNER CARRY BACK
When the owner asks for some of the sales price back, when the property is bought.
P.I.T.I.
Is Principal, Interest, Taxes, and Insurance. This is for the monthly housing expenses.
PAID OFF
The loan is Paid Off in the full amount, and no longer is in debt.
PARCEL
This is a piece of land that only has one description to it.
PREFECTED TITLE
It is where the interest of the title has been recorded.
PERSONAL PROPERTY
This is where any piece of property can be moved. Someone’s belongings that is portable.
PETITION
This is where a bunch of people sign a legal document, in order to request something to be done. There has to be a certain amount of names on the petition.
PLAT, PLOT, OR SURVEY
This is where a survey that has his/her license, and they go around looking at land. They divide the lands for a map. So each person that owns a piece of land, it will show on the map separate from their neighbor.
POINTS
It is an increase to a loan, where it adds one percent to the loan
PORTFOLIO
It is where the lender can hold someone’s property and sell for a different amount.
POST
To post something after it happens.
POSTING
This is where you are handing out flyers or attaching them to a billboard.
POSTPONEMENT
This is where a date is put off, due to a pending sale.
PREEMPTION
The right to purchase something in advance of others.
PRELIMINARY TITLE REPORT (“Prelim”)
This is a report showing an open title of the property. This also will show the insurance policy.
PREPAYMENT PENALTY
Some lenders have a penalty for paying loans off early. This is a fee that they charge you.
PRINCIPLE
This is the amount owed on a loan.
PRIORITY
This is a clause that tells the person there was a prior loan or lien on the property.
PRIORITY
This is a clause that tells the person there was a prior loan or lien on the property.
PRIVATE MORTGAGE INSURANCE (PMI)
This is where the lender has insurance, so if they have a loss they are protected.
PRIVATE OFFERING
It is where the investment of the property can not be registered, due to a personal selling without agencies.
PROBATE
A certificate of judicial stature stating that a will is conferring and genuine on the executors the power to carry out the estate.
PROMISSORY NOTE
It is a document between lender and borrower. It is not recorded to the state and is available to anyone to look at.
PROPERTY PROFILE
The profile includes who owns the house, the legal description of the house. It shows if there are liens on the property, and generally information.
PURCHASE MONEY DEED OF TRUST
It is a deed given for the price of the property.
QUALIFYING
You have to register with the person giving the auction of the property. You will show them how much money you brought to the auction, so you can bid on the property.
QUIET TITLE
Removes the claim from the title, this is done by the court.
QUIT CLAIM DEED
The deed has no warranties on it. So the title can be transferred to the buyer of the property.
R.E.O.
Means the real estate owns the property.
RECONVEYANCE
The transferring of a title back to its previous owner
RECORDING
This is a filing of the document of the property. They county has a recorder that does this.
REDEMPTION RIGHT
The right of a property owner to redeem his/her property from being foreclosed on, or tax sale either by paying off money to be owed
REINSTATEMENT RIGHT
Where the trustee of the property has the right to clear the default payment of the property, so it does not have to be paid off in whole.
REQUEST FOR NOTICE
The owner or anyone involved ahs the right to ask for any documentation involving the property.
RESCISSION
It is where someone cancels the recorded document.
REVERSE MORTGAGE
It is where the borrower is a senior and gets paid monthly for their home, until they die. Then the home is resold to repay the loan amount.
SECONDARY MARKET
The loans that created by the many of the lenders sell it to the major national investor like the Freddie Mac and Fannie Mae. The reason behind this is they are creating additional loans by recycling their money. For the lenders whereas the loans originate to sell their loans they have to stick to the underwriting policy of the Fannie Mae.
SELLER'S MARKET
This is the type of market whereas the sellers are a lot fewer than the buyers. The average of less than 60 days is the number of days in the market of the seller, a market property should take and generally the rates of the interest of the mortgage will be less than 10%.
SHORT RATE
This is the pro-rated premium which is adjusted for the policy of insurance that have been cancelled. The regular charged is lower than the rate to compensate for the time less than initially contemplated.
SHORT SALE
This is the property sale at the price of the fair market which is smaller than the balance of the loan.
SIMULTANEOUS PRIORITY
This is in the similar transaction the one right following the other is recorded by 2 or more liens, in opposition to the similar property, are of the same parity except there is a indication written of any of them as to their priorities respectively.
SOLDIER'S AND SAILOR'S RELIEF ACT
This is the security of particular personnel in the military from the taking away of their homes to foreclosure whilst they are on their active responsibility.
STANDING MORTGAGE
It is the same meaning to the “interest only” mortgage. There is no principal balance in the amortization because expense in the interest is the one that is only covered by the periodic payments.
STREAMLINING
This is the financing again to above the 1/2% of the previous rate of the loan with a little qualifying cost and paperwork. This is allied with the VA and FHA loan types and it is introduced in 1989. The original borrower is the only one who can streamline the VA loan while the FHA loan is able to streamline by anybody who makes their initial payments in the 6 months on time.
SUBDIVISION
This is the parcel of land that is divided in to smaller lots in a way of a map for improvement in to agricultural or residential use or for resale.
SUBJECT TO
This is the property purchase with a previous lien with no assuming for its payment any own liability against the title.
SUBORDINATION AGREEMENT
This is an agreement that the lien holder that was recorded earlier agrees to be less in priority to a lien holder that is later recorded.
TAX SEARCH
This is to determine the amount of due of the taxes by the search that was made by different taxing authorities’ offices.
TENANT
This is a certain individual who possesses a real property that was allowed by the owner.
TITLE
This is the proof of an individual’s interest or right in real property.
TITLE INSURANCE POLICY
This is a "contract of indemnity" that protects the insured from a possibility of unknown loss, hidden clouds, defects or liens that affects the title to the property covered. It is important that the owner buy a CLTA or “owner’s title policy” that is separating from the ALTA or “lender’s policy” because in the policy of the title the “name insured” is the one who will get the payments of the benefits of the insurance.
TITLE PLANT
This is the title company records, through the years collected, which allows it to precisely determine the latest condition to a certain property of the title.
TITLE SEARCH
This is the records of the title that detailed check at the office that holds the record to make sure that the purchaser is buying a property from the official owner and that the liens are there no more against the title of the property than those the seller disclosed already.
TRANSFER TAX
This is upon the transferring of real property from their title that a seller is collected of tax.
TRUST DEED
This is the same as the Deed of Trust.
TRUSTEE
This is a deed of trust’s third party, often a unit such a title company that hold the bare official title to the grantor’s tendered property as for the repayments security of a loan.
TRUSTEE'S DEED
This is a at a sale of the trustee, whom issued the deed to the bidder who bids the highest.
TRUSTEE'S SALE
This is an auction sale that is non-judicial of a real property, which the trustee conducted in putting effect the sale clause power, pursuant to the condition of the deed of trust in default.
TRUSTEE'S SALE GUARANTEE (TSG)
This is a particular title report for the only trustees that all items are discloses that pertains to the interest of the ownership and the property encumbrances in foreclosure. The list of all parties are also included who a special request is recorded to be informed if any NTS or NOD is flied in opposition of the certain trust deed in foreclosure. In addition it provides a list for the trustee everything in the qualified local publication to promote the Notice of Trustee’s Sale. The same way an indemnification contract that is protecting the beneficiary and the trustee from the possibilities of any error in the title record in their proceeding for the foreclosure.
TRUSTOR
This is the owner of the property who willingly put a trust of deed against her/his property.
TWO STEP MORTGAGE
This is mortgage in 30 years that is separated in two, segments in fixed rate. A common arrangement is a "7-23" mortgage where for the initial monthly payment for the 7 years is planned to be lower than the payment every month for the succeeding 23 years.
UNDERBID
This is the lowest bid the reflects only the concrete cost of the beneficiary in loan default but the interest that is not yet paid does not included. This is done when the beneficiaries guess they would not be purchased out at the trustee’s sale of any bidders. Therefore if they plan to get a property title, the interest charges or the profit they never received is they do not want in the value to be included. In that manner there is no liability on income tax on phantom profits. The beneficiary will command the trustee if the outside bidder appears, to raise the starting bid so that the interest that is not yet paid will be included.
UNDERWRITING REQUIREMENTS
This is the lender established standards to ascertain if an individual is qualified for a loan. Their willingness and ability to repay in time, 2 years history in the latest credit of the buyer is being reviewed and a property appraisal is the usual basis of the criteria.
UNLAWFUL DETAINER
This is the lawsuit for eviction is brought for the real property possession to be recovered from an occupant who holds it.
USURY
This is the charge in the interest rate on a loan that is more than the minimum of the statutory.
VA
This stands for Veterans Administration, this was recognized under the Act of 1994 Servicemen’s Readjustment. It gives two housing benefits that will be very helpful to the veterans by the giving a guarantee to the lender’s loan in housing is created to a veterans that is eligible without a required down payment and subject property is required to conform to the standards of the housing of the VA as determined by appraisal on-site that was performed by an accepted VA appraiser.
VA SPECIFIED BID
On the insured loans of the VA, it tells the person who will benefit how much the starting bid at the sale of the trustee should be. The amount promoted in the Notice of Sale is higher than this amount.
VARIABLE RATE LOAN
This is the rate of interest that bears in the loan that alters according to several financial indexes specified of the latest money cost, where the monthly payment and the rate of interest are both at some interval pre-established is subject to adjustment.
VESTED INTEREST
This is the possession of the property’s interest.
VESTEE
This is the present owner that records.
VESTING
This is the manner or names that the determinable, fixed real property title is held.
VOLUNTARY LIEN
This is with the owner’s cooperation and consent, any lien is place on the property.
WAIVER
This is an abandonment or release of a privilege or a right.
WARRANTY DEED
This is a deed that has implied and expresses covenants as right to possession and to good title.
ZONE
This is a community area that the purpose and specified use is designated.
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