Deed-in-Lieu: An agreement to turn real estate over to a lender as an alternative to foreclosure.
Short Sale: A type of pre-sale in which the creditor agrees to let you sell property for less than the full amount owed and to accept the proceeds of the sale as full satisfaction of the debt.
Foreclosure: A legal process to terminate your ownership of real estate that is collateral for a debt based on a mortgage or deed of trust.
Deficiency: The amount a debtor owes a creditor on a debt after the creditor seizes and sells the collateral. A deficiency arises when the collateral is sold for less than the amount of the debt. A creditor can agree in some cases to waive a deficiency after sale of the property.
Mortgage Servicer: A bank, mortgage company or similar business that communicates with property owners concerning their mortgage loans. The servicer usually works for another company that owns the mortgage. It may accept and record payments, negotiate workouts, and supervise the foreclosure process in the event of a default.
Loan Modification Software: Web based software to manage your cases while allowing the homeowner online access to view status.
