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Tag Archives: Bankruptcy
Glossary of Terms
Glossary of Terms used in the loan modification and foreclosure assistance program. Simple to understand mortgage contract terms explained in detail. Continue reading
Posted in Florida Foreclosure Information, Foreclosure Assistance, Foreclosure Counselors, Foreclosure Education, Foreclosure Process, National Foreclosure Information
Tagged abstract, abstract of judgment, abstract of title, acceleration clause, account, addendum, adjustable rate mortgage, agent, agreement, agreement of sale, alienation clause, all inclusive, amortization, appraisal, appreciation, arm, arrears, assigment, assignee, assumable mortgage, attorney, ballon payment, Bankruptcy, beneficiary, bid, borrower, breach, broker, buy down mortgage, buyer, buyers market, capital gain, cash, cash flow, certificate, certificate of sale, chain of sale, chapter 11, chapter 13, chapter 7, clause, closing, closing cost, closing date, cloud on title, co-signer, code, collateral, collection, company, comparable, complaint, contingency, contract, conventional loan, conveyance, cosigner, costs, counteroffer, credit, credit line, credit report, creditor, debt, debt ratio, debtor, decree of foreclosure, deed, deed in lieu, deed of trust, default, defeasance clause, defendant, deficiency judgment, delinquency, demand letter, department of housing and urban development, disclosure, due dilligence, due on sale clause, equity, escrow, escrow account, estate, estimate, estoppel, estoppel certificate, eviction, fair market value, fannie mae, fha, fha loan, first mortgage, freddie mac, garnishment, glossary, good faith estimate, grantee, grantor, home, home equity loan, hud, hud 1, indemnify, instrument, insurance, involuntary lien, judgment, judicial, judicial foreclosure, landlord, lease, lease option, lender, letter, lien, lis pendens, loan, loan modification, loss mitigation, loss mitigation department, market, mechanic, mechanics lien, mitigation, mls, mortgage, mortgagee, mortgator, multiple listings service, non judicial foreclosure, option, power of sale, pre-foreclosure, purchase, quit claim deed, real estate owned, reconveyance, redemption, reo, report, rescission, sale, sales contract, sherrifs sale, short sale, statement, tax, tenant, terms, title, trust deed, trustee, va, veterans affairs, warranty deed, yield, zoning
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Mortgage Forgiveness Debt Relief Act
The Mortgage Forgiveness Debt Relief Act of 2007 and 2008 was enacted on December 20, 2007. Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence. Continue reading
Posted in Florida Foreclosure Information, Foreclosure Assistance, Foreclosure Counselors, Foreclosure Education, Foreclosure Process, National Foreclosure Information
Tagged avoid foreclosure, Bankruptcy, cancellation of debt, debt, debt forgiveness, discharge of indebtness, foreclosure, foreclosure relief, form 982, income, insolvency, internal revenue service, irs, loan, loan modification, mortgage, Mortgage Forgiveness Debt Relief Act of 2007, principal residence, principal residence only, refinance, second home, short sale, stop foreclosure
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