I Short Sale - Glossary

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News

May 27, 2008
March Drop in Home Prices Raises Demand for Short Sales.

Prices of single-family homes dropped a record 14.1 percent in the first-quarter in comparison to a year earlier, while U.S. consumer confidence is the lowest in 16 years as a result of escalating gasoline prices.

May 16, 2008
What's the single biggest headache for anyone trying to pull together a short sale right now?

by Kenneth R. Harney, RealtyTimes.com

May 12, 2008
In Efforts to Help Homeowners Avoid Foreclosure, I Short Sale, Inc. Makes Loan Modifications a Priority

I Short Sale, Inc. (ishortsale.com), a leading nationwide short sale and loss mitigation advisory firm, has expanded its loan modification department with the addition of several experienced loan modification specialists and support staff.

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Glossary

Bankruptcy: A legal alternative that allows the borrower to clear any debt obligations by restructuring the payment terms. A bankruptcy stops the foreclosure process until the bankruptcy process is completed or the court allows the lender to resume the foreclosure.

Deed in Lieu: Voluntary conveyance of title in exchange for a discharge of debt. The house must be free of other liens and must have clear title. In simple terms, the borrower agrees to transfer titel of the property to the lender, who accepts the property in exchange for the total debt.

Deed of Trust: A legal document that dictates the terms of a loan used to buy a property and transfers the ownership of the property to a third party called a trustee until the loan has been paid in full.

Default: Occurs when the borrower does not meet its legal obligations according to the loan terms.

Forbearance: Under a forbearance agreement, the lender agrees to stop the foreclosure process and determines payment terms that, at a certain time, will bring the borrower current.

Foreclosure: A process in which a lender attempts to recover the amount owed on a defaulted loan. The lender has the option of selling the property or repossessing the property. The beginning of a foreclosure process starts after a borrower defaults on mortgage payments and the lender files a Notice of Default or Lis Pendens.

Lien: A legal claim on a property by a lender or other entity (called the lien holder) against the property owner that owes the money.

Lis Pendens (LIS): A publicly recorded notice of a pending lawsuit against a property owner that may affect the ownership of a property. This process is required in a few states to begin the foreclosure process if a borrower is in default.

Modification: A transaction in which lender agrees to modify any or some of the terms of the mortgage. This is a process where an existing note is modified, but not cancelled. Changes may include: extending the term of the loan, changing the monthly payments, changing the interest rate, etc.

Notice of Default (NOD): A publicly recorded notice stating that a property owner is behind scheduled loan payments for a loan secured by a property. This process is required in a few states to begin the foreclosure process if a borrower is in default.

REO (Real Estate Owned): A class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction.

Reinstatement: Occurs when the property owner pays off the amount in default to bring the loan payments current in order to stop the foreclosure process and return to the original terms of a loan.

Short Sale: (Also called "Short Pay" or "Pay Off") A process in which a lender agrees to receive a lower amount of an owed debt in exchange for the sale of the property to a third party.

I Short Sale, Inc. 1-877-907-4678 info@ishortsale.com
Nationwide Short Sale and Loan Modification Services
Woodland Hills, California. Los Angeles, California. Beverly Hills, California. San Diego, California.
Miami, Florida. Phoenix, Arizona. Las Vegas, Nevada.

The information contained in this website is intended to be used for informational purposes only and to provide a general overview of the topics described herein. There may be tax and other legal consequences associated with a short sale. I SHORT SALE makes no representations or warranties concerning potential tax or legal consequences relating to any final disposition of any property. Clients are advised to consult with a tax professional regarding the potential tax consequences for their particular situation. I SHORT SALE is providing a service in response to a complex situation and offers a recommended solution where possible. Nothing is represented as tax advise to our clients as every situation may result in different tax consequences. I SHORT SALE is not a law firm or an accounting firm and regarding any specific questions relative to any transaction, I SHORT SALE strongly encourages all parties, agents, and brokers involved in a transaction to seek such advice from a professional advisor. Legal Statement

The information contained in this website is the sole and exclusive property of I Short Sale, Inc. ("I SHORT SALE") and may not be reproduced for any purpose whatsoever without the express written permission I SHORT SALE. Any unauthorized reproduction of these materials is strictly prohibited.