terms.html

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        <h2>Importaint Foreclosure Prevention Terms</h2></div></div>
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        <p class="title" data-section-title><a href="#panel1"><h3>31% Payment</h3></a></p><hr/></section>
  <section><p class="title" data-section-title><a href="#panel2"><h3>Acceleration Letter (a.k.a.: demand letter)</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a  href="#panel3"><h3>Answer</h3></a></p> <hr/></section>
 <section><p class="title" data-section-title><a  href="#panel4"><h3>Cancellation of Lis Pendens</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a  href="#panel5"><h3>Capitalization</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a  href="#panel6"><h3>Complaint</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a  href="#panel7"><h3>Deed in Lieu of Foreclosure</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel8"><h3>Default</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel9"><h3>Deficiency</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel10"> <h3>Discovery</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel11"><h3>Forbearance</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel12"><h3>Interest Rate</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel13">
  <h3>Judgment</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel14"><h3>Lis Pendens</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel15"><h3>Loan Modification</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel16"><h3>Section 2</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel17"><h3>Mortgage</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel18"><h3>Note</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel19"><h3>Notice of Appearance</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel20"><h3>Order of Reference</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel21"><h3>Principal Reduction</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel22"><h3>Pro Se</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel23"><h3>Process Server</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel24"><h3>Refinancing</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel25"><h3>Repayment Plan</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel26"><h3>Service</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel27"><h3>Short Sale</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel28"><h3>Stipulation of Discontinuance</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel29"><h3>Summary Judgment</h3></a></p><hr/> </section>
  <section><p class="title" data-section-title><a href="#panel30"><h3>Summons</h3></a></p><hr/> </section>
     
     
    
    
 
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<h3>31% Payment</h3>
<p>A growing trend within the
mortgage industry is to have a goal of having
your maximum monthly mortgage payment
(including principal, interest, real estate taxes,
and homeowner’s insurance) be at most 31%
of your Gross Income.<a href="#top">Return to Top</a>
        </p></div></div></div>


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<h3>Acceleration Letter (a.k.a.: demand letter)</h3>

<p>A letter from your lender, sent after you
have stopped paying, stating that the whole
amount of your mortgage is due immediately.<a href="#top">Return to Top</a>
        </p></div></div></div>


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<h3>Answer</h3>

<p>A written response to the Complaint,
in which a homeowner lists all of their
defenses to the foreclosure, as well as raises
any counterclaims they may have against the
Bank.<a href="#top">Return to Top</a>
        </p></div></div></div>

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<h3>Cancellation of Lis Pendens</h3>

<p> A written
notice that removes the previously filed Lis
Pendens from the county clerk’s records,
which removes questions regarding the
status of title to the property.<a href="#top">Return to Top</a>
        </p></div></div></div>

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<h3>Capitalization</h3>

<p>Capitalization occurs when
items owed on a loan (past due interest,taxes, late charges, legal costs or other fees)
are added to the unpaid principal balance
of the loan and are treated as part of a new
principal balance.<a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Complaint</h3>

 <p>A written document that is filed
with the Court and tells you and the Court the
reasons the Bank is suing you and what they
are asking the Court to do. Because this is a
foreclosure, the Bank is claiming you have not
made your monthly payments as required by
your Mortgage and Note. <a href="#top">Return to Top</a>
        </p></div></div></div>


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<h3>Deed in Lieu of Foreclosure</h3>
 
 <p>A process where
the borrower gives the deed to the property
back to the lender, and the lender discontinues
any foreclosure action. <a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Default</h3>
  
  <p> Failing to meet the requirements of
an agreement. Most defaults involve failing to
make required mortgage payments on time.<a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Deficiency</h3>
  
  <p>The amount a borrower owes to
the lender after the sale of the property at
a foreclosure sale in the event the property
is sold for less than the amount of the debt
owed. <a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Discovery</h3>
  
  <p>A tool used in lawsuits to obtain
information and documents from other
parties. <a href="#top">Return to Top</a>
        </p></div></div></div>

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<h3>Forbearance</h3>
 
 <p>A plan to cure a default that
may involve a temporary suspension or
reduction of payments. <a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Interest Rate</h3>
  
  <p>The amount charged by a
lender for the right to borrow money, as
expressed as a percentage of the principal
amount borrowed.<a href="#top">Return to Top</a>
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 <h3>Judgment</h3>
  
  <p>The final part of a court case.
A valid judgment resolves all the contested
issues and terminates the lawsuit, since it is
regarded as the court’s official pronouncement
of the law on the action that was pending
before it. It states who wins the case and what
remedies the winner is awarded. <a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Lis Pendens</h3>
  
  <p>A written notice that a lawsuit
has been filed concerning real estate,
involving either the title to the property or a
claimed ownership interest in it. The notice
is usually filed in the county clerk’s office.
Recording a Lis Pendens alerts a potential
purchaser or lender that the property’s title
is in question, which makes the property less
attractive to a buyer or lender. <a href="#top">Return to Top</a>
        </p></div></div></div>


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<h3>Loan Modification</h3>
 
 <p> An agreement to
permanently change one or more terms
of the original mortgage (i.e.: interest rate,
payment amount, term etc.)<a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Loss Mitigation</h3>
  
  <p>The process in which the
Bank will work with homeowners in an effort
to avoid foreclosure. This term often refers
to the group within the Bank that you will
be working with throughout the foreclosure
process. <a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Mortgage</h3>
 
  <p>A written document that secures
property as collateral for a loan. This is the
document that allows the bank to foreclose,
because you have agreed that if you default
on the Note (i.e.: stop payments) they can sell
your property to collect on the debt. <a href="#top">Return to Top</a>
        </p></div></div></div>


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<h3>Note</h3>
 
 <p>A written document that is a promise
to pay. Typically, when you borrow a large
sum of money from a lender, you pay it back
with interest, in monthly installments, over
a period of years. All these loan terms are
found in the loan’s note.<a href="#top">Return to Top</a>
        </p></div></div></div>


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<h3>Notice of Appearance</h3>
 
  <p>Formal notification
by a party to a court (and to parties already
involved in a case) that it wishes to participate
in the litigation process.<a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Order of Reference</h3>
  
  <p>A document presented
by the Bank to the Court, which allows the
foreclosure proceeding to continue in the
Court system if a Settlement Conference has
been unsuccessful. An Order of Reference
would appoint a Referee to determine how
much you owe the Bank.<a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Principal Reduction</h3>
  
  <p>A reduction in the total
amount owed on the loan.<a href="#top">Return to Top</a>
        </p></div></div></div>


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<h3>Pro Se</h3>
 
 <p>Appearing in a court proceeding for
oneself - without an attorney representing
them.<a href="#top">Return to Top</a>
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<h3>Process Server</h3>
 
 <p>A person authorized by law
to deliver papers, typically the Summons and
Complaint, to the Defendant.<a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Refinancing</h3>
  
  <p>The process of paying off a loan
by borrowing new money, either from the
existing lender or a new lender.<a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Repayment Plan</h3>
  
  <p>A plan where the borrower
pays their regular monthly mortgage
payment PLUS an additional amount to pay
off the amount they are behind on their
mortgage.<a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Service</h3>
  
  <p>The delivery of a summons,
complaint, or other legal document to a
person.<a href="#top">Return to Top</a>
        </p></div></div></div>

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 <h3>Short Sale</h3>
  
  <p>The sale of a home for less than
what is owed on the mortgage. Short sales
must be approved by the lender, since the
Bank will take a loss on what is owed to them.<a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Stipulation of Discontinuance</h3>
  
  <p>A document
filed by the Bank with the Court to signify that
an agreement has been reached and that the
foreclosure proceeding will be terminated.<a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Summary Judgment</h3>
  
  <p>A motion in a court
proceeding to end the case without a trial
on all the facts. This is typically done in the
foreclosure context before any Discovery has
occurred.<a href="#top">Return to Top</a>
        </p></div></div></div>


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 <h3>Summons</h3> 
 
 
 <p>A legal document that notifies
a party that a legal proceeding has been
started.<a href="#top">Return to Top</a>
        </p></div></div></div>
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