An Overview Contents:IntroductionDefaultTypes of ForeclosuresAcceleration ClausesMortgage-Backed SecuritiesSale of Foreclosed PropertyRight of RedemptionTimingRelated Topics


Foreclosure is a catch-all term for the processes...

Foreclosure Sale

Definition from Nolo’s Plain-English Law DictionaryThe forced sale of real estate, usually at public auction, that has been foreclosed on - that is, that has been seized by the lender after the borrower defaulted on mortgage payments.



Definition from Nolo’s Plain-English Law DictionaryTo get a court order requiring a third party that holds funds belonging to a debtor to set some portion of that money aside for the benefit of the creditor. For example, a court might issue an order...


Definition from Nolo’s Plain-English Law DictionaryThe person or entity (often a bank or employer) that receives a court order garnishing wages or funds it owes to a debtor. (See also: garnish)

Definition provided by Nolo’s Plain-English Law Dictionary...


A court may order a garnishment to help a successful plaintiff collect money damages from a defendant. A garnishment order instructs a third-party who owes money to the defendant to pay some or all of that money to the plaintiff instead of the the...

Good Faith Estimate (GFE)

A disclosure that real estate mortgage lenders must, under the Real Estate Settlement Procedures Act (RESPA), give to all mortgage loan applicants within three days of when they apply. The disclosure must estimate all settlement charges the homebuyer...


A standard form that closing agents give to mortgage loan borrowers on the date the real estate purchase closes, detailing all the costs associated with the closing. These costs include not only those arising from the loan itself, but others such as...

Hybrid Adjustable Rate Mortgage

A mortgage loan that will have a fixed rate for a set number of years, after that point the interest rate may be adjusted.


To pledge as security for a loan without giving up possession, as in the case of property the borrower pledges as collateral and keeps.

jumbo loan

Definition from Nolo’s Plain-English Law DictionaryA mortgage loan that's too large to be guaranteed by the Federal Housing Administration and which usually comes with a higher interest rate as a result. Compare: conforming loan

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