Glossary

Key terms

While working with your mortgage company, it’s important to understand the mortgage terms that may be used so you can have a better (and easier) discussion with your mortgage company.

Fixed-Rate Mortgage

A mortgage loan in which the interest rate remains the same for the life of the loan.

Forbearance

An agreement to temporarily suspend or reduce monthly mortgage payments for a specific period of time. The mortgage company will then postpone legal action when a homeowner is delinquent. A forbearance is usually granted when a homeowner makes satisfactory arrangements to bring the overdue mortgage payments up to date.

Learn more about Forbearance

Foreclosure

The legal process by which a property may be sold and the proceeds of the sale applied to the mortgage debt. A foreclosure occurs when the loan becomes delinquent because payments have not been made or when the homeowner is in default for a reason other than the failure to make timely mortgage payments.

Learn more about Foreclosure

Foreclosure Prevention

Steps by which the mortgage company works with the homeowner to find a permanent solution to resolve an existing or impending loan delinquency.

  • Beware of Scams

    Learn how to identify and avoid scam artists who promise immediate relief from foreclosure.

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  • FAQs

    Find the answers to common questions concerning your mortgage and the various options to avoid foreclosure.

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  • Glossary

    Visit our glossary of key terms to increase your understanding of the foreclosure options available.

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