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Legal and Finance Terms

Legal and Finance Terms

When you’re searching for representation or trying to navigate a perilous financial situation, you might encounter many unfamiliar terms. As transparent, unbiased law attorneys, we want to make sure you understand any situation you might get yourself into. Take a look at these definitions for common legal and finance terms.

  • Repayment plan: The homeowner will make the regular mortgage payments plus a little extra to cover delinquency payments and fees.
  • Interest Rate Reduction: Refinancing your mortgage interest rate to a lower rate, thus lowering your monthly payments.
  • Extension of Loan Term: Extending the term of the loan, say from 30 years to 40 years, to lower the monthly payment.
  • Conditional Forbearance: The borrower is allowed to make lower payments for a limited time, typically three months.
  • Stay on Foreclosure: A temporary, set period that protects homeowners from foreclosure so they can recover and resume payments.
  • Principal Deferral: The lender defers part or all of the principal payment, thus lowering your monthly payments
  • Deed in Lieu of Foreclosure: Homeowner gives their home (the deed) to the lender in exchange for the lender canceling the loan. The lender forgives any deficiency in the loan that isn’t covered by a future sale.
  • Short Sale: The lender agrees to sell the house for less than the outstanding mortgage amount and accept the loss.

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