Some real estate terms that may be helpful in your short sale are listed below:
1.) Deed in Lieu of Foreclosure: when you are able to work with the bank to deed the property back to them with their approval before the mortgage company forecloses.
2.) Loan Modification: is a term that you may be hearing have heard more on the news lately, where as the mortgage company can:
-Lower the existing interest rate to a new low fixed rate
-Extend the terms of the existing mortgage
-Lower the monthly payments temporarily or permanently
-Forgive past due payments, late fees, penalties and costs
-Reduce the principle balance of your existing mortgage
3.) Loan Forbearance Plan: is a loss mitigation option that allows for a borrower to refinance or extend the term of the mortgage and reduce the payments.
4.) Loss Mitigation: is when the lender tries to help the borrower that is usually behind on payments and is in danger of defaulting on the loan.
5.) Satisfaction of a lien: is total release from the money owed.
6.) Release from a lien: is when the lender releases the property to allow for a sale but the bank may still require the original borrower to repay the balance of the loan.
7.) Deficiency Judgment: is when a property has been sold for less than the amount owed to the mortgage company and the lender holds the borrower responsible for the shortfall of the loan. At this point, the lender may be allowed to take further action based on the restrictions of the State the property is in.
Related Posts
Posted in 
Tags: 
I found your site on Google and read a few of your other entires. Nice Stuff. I’m looking forward to reading more from you.