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Foreclosure Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
acceleration clauseClause used in an installment note and mortgage, which gives the lender the right to demand payment in full upon the happening of a certain event, such as failure to pay an installment by a certain date, change of ownership without the lender’s consent, destruction of the property, or other event which endangers the security of the loan.
ad valoremLatin for "according to value." Ad valorem taxes are taxes based on the assessed value of real estate or personal property. Property tax paid on owned real estate is a common ad valorem tax.
adjustable rate mortgage (ARM)A mortgage loan or deed of trust which allows the lender to adjust the interest rate in accordance with a specified index periodically and as agreed to at the origination of the loan. Also called variable rate mortgages (VRM).
amortizationPayment of a mortgage debt in equal periodic installments of principal and interest.
appraisalAn opinion or estimate of value. Also refers to the process by which a value estimate is obtained.
appraised valueAn opinion of value reached by an appraiser based upon knowledge, experience, and a study of pertinent data.
appraiserOne qualified by education, training, and experience to estimate the value of real and personal property.
appreciationIncrease in value.
assessmentA value factor assigned to real property and used to determine real property taxes. The process of reaching the assessed valuation. Also, an add-on tax to raise money for a special purpose.
assignment of leaseA mortgage clause that passes control of leases on an income producing property to the lender. Often a condition to making a loan to ensure that, in case of mortgage default, any continuing income from the property goes directly to the lender.
assumption of mortgageA buyer’s acceptance of primary liability for payment of an existing note secured by a mortgage or deed of trust. The seller remains secondarily liable, unless specifically released by the lender.
assumptorThe party taking over an obligation originally incurred by another, as in the assumption of an existing mortgage by the new owner when a property is sold.