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.

Refinance

A new mortgage with new terms, interest rates and monthly payments. The new loan completely replaces the current mortgage and may lower your payment.

Learn more about Refinance

Short Sale (also called Pre-foreclosure)

The process in which a mortgage company works with a delinquent homeowner to sell the house by a real estate agent prior to the foreclosure sale. The sale price is less than what is owed on the mortgage.

Learn more about Short Sale

Title

The documented evidence that a person or organization has ownership of real property.

Voluntary Conveyance

The transfer of title from a homeowner to the mortgage company to satisfy the mortgage debt and avoid foreclosure; also called a "Deed-in-Lieu of Foreclosure."

Workout

Options to resolve or restructure a loan or prevent someone from going into foreclosure.

​​​​​​​Investment Property

A property not considered to be a primary residence that is purchased by an investor in order to generate income, gain profit from reselling or to gain tax benefits.

  • Beware of Scams

    .kyo-content-callout { clear: both; }

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

    Find out more »
  • FAQs

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

    Find out more »
  • Glossary

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

    Find out more »