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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
late chargeAn additional charge that a borrower is required to pay as a penalty for failure to pay a regular installment when due.
lienA legal hold or claim of a creditor on the property of another as security for a debt.
loan administrationA mortgage banking function which includes the receipt of payments, customers service, escrow administration, investor accounting, collections, and foreclosures. Also called servicing.
loss draftInsurance payments in the settlement of a claim for damage to mortgaged property. Drafts are generally made out to both the mortgagee and mortgagor.