by Myers Jackson | Dec 31, 2024 | Auction News
Forfeiture The loss of money, property, rights, or privileges due to a breach of a legal obligation. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON For all active auctions,...
by Myers Jackson | Dec 31, 2024 | Auction News
Escrow Account An account that a mortgage servicer establishes on behalf of a borrower to pay taxes, insurance premiums, or other charges when they are due. Sometimes referred to as an “impound” or “reserve” account. Real estate words and definition CLICK THIS...
by Myers Jackson | Dec 31, 2024 | Auction News
Escrow An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of...
by Myers Jackson | Dec 31, 2024 | Auction News
Equity The value in your home above the total amount of the liens against your home. If you owe $100,000 on your house but it is worth $130,000, you have $30,000 of equity. Real estate words and definition CLICK THIS BUTTON For other words and definitions...
by Myers Jackson | Dec 31, 2024 | Auction News
Equal Credit Opportunity Act (ECOA) A federal law that requires lenders to make credit equally available without regard to the applicant’s race, color, religion, national origin, age, sex, or marital status; the fact that all or part of the applicant’s income is...
by Myers Jackson | Dec 31, 2024 | Auction News
Foreclosure A legal action that ends all ownership rights in a home when the hoebuyer fails to make the mortgage payments or is otherwise in default under the terms of the mortgage. Real estate words and definition CLICK THIS BUTTON For other words and...
