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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
Real Estate Settlement Procedures Act (RESPA)A federal statute, administered by HUD, which regulates and standardizes real estate settlement practices. RESPA requires lenders to provide borrowers with a HUD information booklet and good faith estimates of closing costs. RESPA prohibits kickbacks and fees for services not performed during the closing process. RESPA also contains restrictions on the amount of advance property tax and insurance payments a lender can collect and place in escrow.
real propertyLand and anything permanently affixed to the land, such as buildings, fences, and those things attached to the building, such as light fixtures, plumbing, and heating fixtures.
recourseThe right of the holder of a note secured by a mortgage or deed to look personally to the borrower for payment, not just to the property.
redemption periodThe time allowed by law in some states during which mortgagors may buy back their foreclosed properties by paying the balance owed on their delinquent mortgages, plus interest and fees.
refinancingThe repayment of a debt from the proceeds of a new loan using the same property as collateral.
reinstatementThe curing of all loan defaults by a borrower to return the loan to current status.
reinstatement programA program or schedule of partial payments leading to reinstatement of the loan to a current status, usually through a forbearance agreement.
Resolution Trust Corporation (RTC)A former arm of the FDIC responsible for managing and resolving the affairs of insolvent savings and loan associations placed into receivership by the FDIC. This includes the liquidation, operation, and sale of thrift institutions. The RTC was dissolved in 1995 and the FDIC assumed control of RTC’s receivership functions.
return premiumThe refund of an unearned advance premium resulting from cancellation of a hazard insurance policy prior to its expiration.
right of redemptionIn some states, a right permitting the mortgagor to reclaim foreclosed property by making full payment of the foreclosure sales price. The right of redemption exists for a specified period of time, called the redemption period.