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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
earnest moneyA sum of money given to bind a sale of real estate, or assure payment or an advance of funds in the processing of a loan; a deposit.
easementA right to the limited use or enjoyment of land held by another. Also, an interest in land to enable sewer or other utility lines to be laid, or to allow access to a property.
endorsementA signature on a negotiable instrument by which title to property mentioned therein is assigned and transferred. Also, a notation added to an instrument after execution to charge or clarify its contents. In insurance, coverage may be restricted or enlarged by endorsing a policy. In FHA loans, a notation placed on the note by the FHA indicating that the loan is insured under the National Housing Act.
equityThe difference between fair market value and current indebtedness, sometimes called owner’s interest.
escrow accountThe segregated trust account in which escrow funds are held.
escrow analysisThe periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay taxes, insurance, and other bills when due.
escrow overage or funds shortageThe difference, determined by escrow analysis, between escrow funds on deposit and escrow funds required to make a payment when it becomes due.
escrow paymentThat portion of a mortgagor’s monthly payments held by a lender or servicer to pay taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also called impounds or reserves in some states.