A Glossary with definitions and short explanations of words and terms related to real estate generally, and to mortgage loans in default specifically, plus special words and terms related to the use of WorkItOut.com.
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Browse the glossary using this index
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| 11th District Cost of Funds: A monthly cost-of-funds index (COFI) reflecting the weighted-average interest rate paid by 11th Federal Home Loan Bank District savings institutions for savings and checking accounts. The 11th district covers Arizona, California and Nevada. The index is published on the last day of the month and reflects the cost of funds for the prior month. | |
| 2/28 mortgage: A 30 year adjustable rate mortgage with where the first two years are set at a fixed interest rate. | |
| 24/7: Available 24 hours a day, 7 days a week. | |
| 401(K): A type of defined contribution plan that permits employees to voluntarily have a portion of their salary deducted from their paycheck and contributed to an account. Federal (and sometimes state) taxes on the employee contributions and investment earnings are deferred until the participant receives a distribution from the plan (typically at retirement). Employers may also make contributions to a participant’s account. | |
| 401(k) Loan: Some administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans. Loans against 401K plans are an acceptable source of down payment for most types of loans and may also provide quick and needed cash to bring your mortgage loan current if you are in default. | |
| Abandonment: Where a homeowner leaves a home with no intention of returning. | |
| Abstract of Judgment: A summary of a lawsuit judgment showing who won the lawsuit, the date of the judgment, the court making the order and the amount owed. An Abstract of Judgment is generally recorded with the county recorder in every county where the judgment debtor has real property and the Abstract of Judgment then becomes a lien on the judgment debtor's real property in that county. | |
| Abstract Of Title: A summary of the public records relating to the title to a particular piece of land. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects which must be cleared before a buyer can purchase clear, marketable, and insurable title. | |
| Accelerate The Debt: To call the entire remaining balance of the mortgage due and payable immediately because of a default in or or more of the mortgage provisions. | |
| Acceleration Clause: A provision in the loan documents that allow the lender to call all sums owing immediately due and payable upon the happening of a certain event. | |
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