Fixed rate mortgages are the common method for purchasing homes with an interest rate that stays the same throughout the loan. These loans often are made for 15, 20, or 30 years, and while the monthly payments never change, the monthly...
mortgages
forced sale
A forced sale is an involuntary transaction in which the sale is based upon legal and not economic factors, such as a decree, execution, or something different than mere inability to maintain the property. If the sale is made for purely...
foreclosure
Foreclosure is a catch-all term for the processes used by mortgage-holders (mortgagees) to take mortgaged property from borrowers (mortgagors) who default on their mortgages. Foreclosure, like mortgages generally, is governed by the law of...
foreclosure sale
A foreclosure sale is the final stage of a foreclosure legal process. After the lender (usually a bank) carries out the foreclosure legal process, the mortgaged property is sold at auction or transferred back to the lender. The purpose of a...
fraudulent conveyance
A fraudulent conveyance is the transfer (conveyance) of title to real property for the express purpose of putting it beyond the reach of a known creditor. In such a case, the creditor may bring a lawsuit to void the transfer.
...garnish
Garnishment is a legal process that allows a third party to seize assets of a debtor. For example, a creditor, who can be a winning party in a suit or a creditor in a bankruptcy case, can acquire the wage of the debtorthrough the...
garnishee
In a garnishment proceeding, if the court rules for the plaintiff-creditor, the defendant-debtor’s asset under a third-party’s control will be garnished. The third party here is called a garnishee, and the plaintiff is a garnishor....
garnishment
Garnishment refers to a court ordered process for collecting on a judgment, which takes money directly from the defendant’s wages or other third party who owes the defendant a debt. A garnishment order instructs a third-party who owes money...
good faith estimate (GFE)
Good Faith Estimate (GFE) was a form that the Real Estate Settlement Procedures Act required lenders of home loans to provide to borrowers within three days of a loan application. A GFE includes estimates of all the fees or “closing costs” of...
home equity
Home equity is the value of a homeowner’s interest in their home. In other words, it is the property’s current market value minus any liens that are attached to that property. The equity in the property may change for a variety of causes,...