Avoid Foreclosure Hell MRR Ebook

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Chapter Seven- Foreclosure Glossary

Adjustable Rate Mortgage - These are also known as ARMs, and are mortgages that have interest rates that change on a periodic basis. The interest rate is generally pegged to some standard rate when you take this type of loan.

Appraisal - This is a written justification that explains the price that is paid for a specific property. The appraisal is typically based on the analysis of other similar homes that are in the nearby area, or on comparable sales within the community.

Asset - Assets are items that have value and that are owned by a single individual. There are a variety of different types of assets that can be converted directly into cash. These assets are referred to as liquid assets because they can be easily liquefied into cash. Liquid assets include banking accounts, bonds, stocks, mutual funds and many others. Other types of assets include personal property, real estate and debts that are owned to an individual by other individuals.

Assumes and Agrees to Pay - this is a clause that can be found in a number of different types of deeds and related documents, and it states that when the buyer decides to take over the payments that originally belonged to a seller's old mortgage loan, he or she is also agreeing to pay off the old loan in its entirety. The buyer is normally responsible for obtaining the title and then making whatever payments should happen to follow. You can usually find this clause in the section of the document pertaining to the transfer of the title of the property to the buyer from the seller. This clause may or may not completely release the seller from any and all liabilities.

Balloon Mortgage - A balloon mortgage is a mortgage where you pay an agreed upon interest rate on the loan, but only for a pre specified amount of time. At the end of this pre determined time period, the total amount of the mortgage becomes due. This is a viable lending option for some people, but those facing foreclosure are probably better off not exploring this particular option.

Bankruptcy - After filing in a federal court for bankruptcy proceedings, individuals can either relieve or restructure their liabilities and their debts through the bankruptcy process. There are actually a number of different types of bankruptcies, but the most prevalent are Chapter 7 Bankruptcy which is no asset bankruptcy, and Chapter 13 bankruptcy.

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