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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
certificate of redemptionEvidence of redeeming (buying back) a property by the owner after losing it through a judicial sale. The time limit for redemption is set by statute.
collateralProperty pledged as security for a debt; for example, mortgaged real estate.
collectionThe servicing procedure followed to bring a delinquent mortgage current and to file the required notices to begin foreclosure when necessary.
conventional financingIn real estate, mortgage financing which is not insured or guaranteed by a mortgage insurance company such as HUD/FHA, PMI, etc.
conveyanceTransfer of title to land. Includes most instruments by which an interest in real estate is created, mortgaged, or assigned.
coupon bookA book of printed tickets furnished to the borrower. One coupon is returned each month with a check or money order, enabling the mortgage servicer to identify the payment by name, loan number, and type of loan.
covenantA legally enforceable promise or restriction in a mortgage. For example, the borrower may covenant to keep the property in good repair and adequately insured against fire and other casualties. A breach of covenant in a mortgage usually creates a default as defined by the mortgage, and can be the basis for foreclosure.
credit reportA report to a prospective lender on the credit standing of a prospective borrower, used to aid in the determination of creditworthiness.
creditorA person or organization owed money by another.