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Glossary

Home Loan Glossary

1 Adjustable-Rate Mortgage (ARM)
2 Appraisal or Appraised Value
3 Broker Price Opinion (BPO)
4 Buyer's Closing Costs (BCCs)
5 Buyer’s Agent
6 Capitalization
7 Cash Contribution
8 Certificate of Occupancy (CO)
9 Clear Title
10 Deed in Lieu of Foreclosure or Deed in Lieu (DIL)
11 Default
12 Deferment (also known as Forbearance)
13 Delinquency Cycle
14 Delinquent
15 Dodd-Frank Certification
16 Escrow
17 Extension
18 Fair Market Value (FMV)
19 Fixed-Rate Mortgage
20 Forbearance
21 Foreclosure
22 Hardship Letter
23 Home Affordable Foreclosure Alternatives (HAFA) Short Sale
24 Home Affordable Modification Program (HAMP)
25 Home Affordable Refinance Program (HARP)
26 Home Affordable Second Lien Modification Program
27 Home Affordable Unemployment Program (UP)
28 Home Depreciation
29 Home Equity Line of Credit (HELOC)
30 Home Equity Loan
31 Home Retention
32 HOPE for Homeowners
33 HUD-1 Settlement Statement
34 Imminent Default
35 Investor
36 Investor Decision
37 Lien
38 Listing Agent
39 Loan Modification
40 Loss Mitigation
41 Marketability
42 Modification
43 Mortgage Insurance (MI)
44 Partial Claim
45 Reconciled Value
46 Redemption Period
47 Refinance
48 Repayment Plan
49 Request for Approval of Short Sale (RASS)
50 Request for Modification and Affidavit (RMA) Form
51 Reverse Mortgage
52 Second Mortgage / Second Lien
53 Short Sale
54 Short Sale Agreement (SSA)
55 Short Sale Approval Letter
56 Tax Information Form (IRS Form 4506-T)
57 Temporary Hardship
58 Traditional Short Sale Process
59 Trial Period Plan Notice
 
Home SHORT SALE Glossary