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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
satisfaction of mortgageThe recorded instrument the lender provides to evidence payment in full of the mortgage debt.
satisfiedWhen a debt is considered “paid in full” whether through full payoff or short pay/short sale.
second mortgageA mortgage that has rights is a lower priority than a first mortgage.
securitizationThe process of pooling loans into mortgage-backed securities for sale into the secondary mortgage market.
securityCollateral; property pledged to secure repayment of a debt.
servicingThe collection of payments and management of operational procedures related to a mortgage.
statuteA law which comes from a legislative body. A written law, rather than a law established by court cases.
strict foreclosureA judicial foreclosure without a judicial sale and usually without a statutory redemption period. The lender files a lawsuit requesting that the borrower be given a period of time to bring the mortgage current or pay it off or lose all rights to the property with the tittle vesting irrevocably in the lender.
subject to mortgageIf an existing mortgage on a property does not contain a due-on sale clause, a seller can pass the benefits of that financing along toa buyer. One method of doing this is for the buyer to purchase the property subject to the existing loan. In the purchase contract the buyer states that he is aware of the existence of the loan and the mortgage that secures it but takes no personal liability for. Although the buyer pays the remaing loan payments as they come due, the seller contineus to be personally liable to the lender for the loan. If the buyer stops making payments before the loan is fully paid, the lender can require the seller to pay the balance plus interest. This is true even though the seller thought he was free of the loan because he sold the property.