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Real Estate Finance
Texas Real Estate License Exam Section 6 of 6: Real Estate Finance
| Question | Answer |
|---|---|
| Pre-Qualification | the first step in determining “how much house” the buyer can afford and which type of loan might be best; the buyer supplies information about their financial situation to the lender, who then provides a general estimate |
| Pre-Approval | official process of being approved by a lender to borrow a specific amount at an interest rate within a small range; a mortgage application, credit report, and supporting financial documentation are required |
| Mortgage Broker | someone who brings together a borrower and a lender in order to create a mortgage |
| Mortgage Banker | an entity or person who provides mortgage financing by using their own funds |
| Correspondent Lender | a lender who offers loans using their own money at their own risk, generally on a smaller scale than mortgage brokers and bankers |
| Origination | the creation of a new mortgage |
| Loan Processing | when the lender collects information and application from the buyer to help determine the loan type and amount they will qualify for |
| Underwriting | the process of deciding the level of risk a lender would take on by offering a loan to a certain borrower for a specific property |
| Closing | the consummation of a real estate transaction when all the necessary contracts are signed and the lender disburses the funds of the mortgage loan |
| Funding | the transferring of funds by the lender to a title company or escrow company so that they may be disbursed |
| Servicing | the ongoing collection of monthly payments and maintenance of records by a loan servicer |
| Collateral | something of value that is pledged to a lender as a promise to repay a loan |
| Leverage | the use of a relatively small amount of money in order to get a much bigger loan for purchasing real estate |
| Primary Market | market in which mortgages are first created by connecting lenders to borrowers |
| Secondary Market | market in which loans and servicing rights are sold to investors |
| Sales Comparison Approach | property valuation method that determines value by comparing the subject property to the sales prices of similar properties that have sold recently |
| Cost Approach | method of estimating the value of a property by determining how much it would cost to completely replace it and then subtracting from that value to account for depreciation |
| Income Approach | method of estimating the value of a property based on the amount of income it could produce for its owner |
| Conforming Loan | a loan that has been made according to the guidelines that will allow the loan to be sold on the secondary market |
| Non-Conforming Loan | a loan that does not meet the guidelines to be sold on the secondary market |
| Mortgage Insurance Premium (MIP) | required insurance to protect the lender in the event of borrower default on an FHA loan |
| Private Mortgage Insurance (PMI) | insurance that protects the lender in the event of borrower default on a conventional loan |
| Recovery | the economic phase in which conditions stabilize after a recession and the outlook for the market starts to look brighter |
| Expansion | the economic phase in which market activity really picks up (businesses start hiring again, people are investing in real estate) |
| Hyper Supply | the economic phase in which supply catches up with (and then surpasses) demand |
| Recession | a period in which economic activity drastically declines and stays declined for more than six months |
| Economic Bubble | forms when the value of something (typically real estate or stocks) grows so much that its market value is higher than its actual value |
| Housing Affordability Index | compares median household income to the income needed to purchase a median-priced home |
| Inflation | a general rise in prices as the result of a decrease in the dollar’s purchasing power |
| Market | a theoretical construct that isolates the selling and purchasing of any one particular commodity from the economy as a whole |
| Demand | consumers’ ability and willingness to buy a good or service at a certain price |
| Supply | an amount of a commodity that is available based on the willingness and ability of sellers in a given market to sell that commodity |
| Legal Tender | United States coins and currency good for all debts, public charges, taxes, and dues |
| Federal Reserve Act | the 1913 act that created the Federal Reserve |
| The Federal Reserve | centralized United States bank created to conduct monetary policy and stabilize the U.S. economy |
| Monetary Policy | a term used to refer to the actions of central banks to achieve big, macroeconomic policy objectives |
| Federal Open Market Committee (FOMC) | the Federal Reserve’s policy-making body, which is charged with overseeing the federal government’s open market operations |
| Open Market Operations | adjustments to the supply of money implemented by the Federal Reserve to influence the interest rate |
| Discount Rate | the interest rate at which the Fed lends money to its member banks |
| The Reserve Requirement | requirement that all depository institutions (not just member banks) keep a certain percentage of their funds in the regional Reserve bank |
| Securities | any financial asset that can be traded, including futures, stocks, mortgage loans, and options |
| Money Laundering | financial transaction in which criminals, including terrorist organizations, attempt to disguise the proceeds, sources, or nature of their illicit activities by funneling the money through otherwise legitimate business transactions |
| Shell Companies | companies that don’t have any real operation, but exist as vehicles for business transactions |
| 1933 Banking Act | depression-era federal act that created the Federal Deposit Insurance Corporation |
| Federal Deposit Insurance Corporation (FDIC) | independent agency that provides deposit insurance to depositors in U.S. banks |
| Glass-Steagall Act | part of the 1933 Banking Act that prevents investment banks from taking deposits and preventing commercial Federal Reserve members banks from various risky behaviors |
| Dodd-Frank | Federal Act passed as a result of the housing bubble and financial crisis that resulted in the most significant financial reforms to the American banking system since the post-Great Depression legislation |
| Federal Home Loan Bank Act of 1932 | extended $125 million in credit to savings and loan institutions and created the Federal Home Loan Bank System, setting up the 12 regional banks |
| Community Investment Program (CIP) | program operated by each FHLBank that offers below market rate loans to members for long-term financing for housing and economic development that benefits low and moderate-income families and neighborhoods |
| HUD | The Department of Housing and Urban Development |
| Real Estate Settlement Procedures Act (RESPA) | an act designed to protect consumers from predatory lending and educate them about closing and settlement services |
| LDP | Limited Denial of Participation |
| FHA | Federal Housing Administration |
| Public Housing | housing provided for people with low incomes, subsidized by public funds |
| Subsidized Housing | government sponsored economic assistance programs aimed at alleviating housing costs and expenses for people with low to moderate incomes |
| Ginnie Mae | Government National Mortgage Association; a corporation that promotes homeownership |
| Community Reinvestment Act (CRA) | helps commercial banks and savings associations meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods |
| Truth in Lending Act (TILA) | educates and protects consumers against inaccurate and unfair credit billing and credit card practices by requiring lenders to standardize the way costs associated with borrowing are calculated and disclosed |
| Regulation Z | under TILA, prohibits specific acts and practices in connection with an extension of credit secured by a consumer’s dwelling |
| APR | Annual Percentage Rate, a numeric representation of an interest rate |
| Regulation M | prevents manipulation by individuals with an interest in the outcome of an offering, and prohibits activities and conduct that could artificially influence the market for an offered security |
| Dodd-Frank Act | the Dodd-Frank Wall Street Reform and Consumer Protection Act |
| Volcker Rule | Federal regulation prohibiting banks from conducting certain investment activities with their own accounts, also limits their ownership of and relationship with hedge funds and private equity funds, also called covered funds |
| CFPB | Consumer Financial Protection Bureau; works to protect consumers from unfair, deceptive, and abusive practices |
| SAFE Act | the Safe Mortgage Licensing Act; sets a minimum standard for licensing and registering mortgage loan originators |
| Administrative Procedure Act | governs the way administrative agencies of the federal government may propose and establish regulations |
| IRS | Internal Revenue Service, the revenue service of the U.S. federal government |
| MARS | Mortgage Assistance Relief Services, makes it illegal to charge upfront fees and requires specific disclosures in ads and when you forward a lender’s offer to a homeowner |
| HFA | Housing Finance Agencies, the many government agencies dedicated to providing fair housing standards and practices |
| TDHCA | Texas Department of Housing and Community Affairs, responsible for homeownership, affordable rental housing, community and energy assistance programs and activities serving primarily low-income Texans |
| MCC | Mortgage Credit Certificate, a certificate issued by certain state or local governments that allows a taxpayer to claim a tax credit for some portion of the mortgage interest paid during a given tax year |
| TSAHC | Texas State Affordable Housing Corporation, offers home down payment assistance programs, including first time home buyer grants for Texas families |
| VLB | Texas Veterans Land Board, finances land, home loans and home improvement loans for Texas veterans and active military members who are eligible under VLB requirements |
| USDA | the United States Department of Agriculture, responsible for developing and executing federal laws related to farming, agriculture, forestry, and food |
| Closing Disclosure | a five-page form that provides final details about the mortgage loan you have selected |
| Escrow account | an account set up by a mortgage company for paying property taxes and insurance during the term of the mortgage |
| Settlement Statement | statement that summarizes all the fees and charges that both the homebuyer and seller face during the settlement process of a housing transaction |
| Primary Mortgage Market | market in which loans are originated/created/funded by the lender |
| Secondary Mortgage Market | market in which mortgages are sold and re-sold to investors, in order to make more money to fund more mortgages |
| Mortgage backed security (MBS) | a pool of mortgages packaged together and sold |
| Government Sponsored Enterprises (GSEs) | the major participants of buying and selling mortgages in the secondary market. This includes: Fannie Mae, Freddie Mac, Ginnie Mae, Farmer Mac, and the Federal Home Loan Bank |
| Non-Conforming loans | higher risk loans that do not fit Fannie Mae or Freddie Mac guidelines |
| Conservatorship | when one entity takes control over a corporation to ensure they don’t go bankrupt |
| Ginnie Mae | also known as the Government National Mortgage Association (GNMA); a government-owned entity that supports the secondary mortgage market by guaranteeing mortgage-backed securities (MBS) insured by the U.S. government |
| Real Estate Mortgage Investment Conduit (REMIC) | a REMIC is an investment vehicle that holds commercial and residential mortgages in trust, assembles said mortgages into pools based on risk, and then issues bonds (securities) on these pools to sell to investors on the secondary mortgage market |
| Collateralized Mortgage Obligations (CMOs) | collateralized debt obligations (CDOs) that are made up of bundles or pools of mortgage-back securities (MBS) created by government agencies or investment banks and issued as investment-grade bonds |
| Primary Mortgage Market | the market in which mortgage lenders and borrowers come together to negotiate and create new mortgages |
| Savings and Loan Associations (S&Ls) | originally established by the government for the purpose of offering long-term, single-family home loans |
| Commercial Banks | institutions that provide financial services to the general public and businesses |
| Secured Loan | a loan that is backed by collateral, which can be sold if necessary to recover the lender’s loss if the borrower defaults |
| Unsecured Loan | a loan that is not connected to any particular asset (Example: credit card) |
| Premiums | payments made to an insurance company in exchange for a policy; usually paid monthly or annually |
| Net Negative | a condition in which liabilities on a policy exceed its assets; negative net worth can occur because the policyholder borrowed too much money or because the value of assets declined |
| Self-Directed IRA | an individual retirement account that allows for alternative investments (like real estate) that traditional IRAs do not |
| Holding Cost | the investor’s cost of owning a property (including taxes, insurance, and utilities) for the time period before it is sold |
| Credit Union | a not-for-profit financial cooperative created to serve its members’ needs and provide services similar to those of a bank |
| Depository Institutions | institutions that use money from their depositors to loan out for mortgages |
| Mortgage Banker | entity that closes mortgages in their own name, using their own funds |
| Mortgage Broker | a licensed professional who originates mortgage loans that are financed by one of several lenders the broker works with |
| Loan Officers | professionals who facilitate the mortgage loan process and are employed by one specific financial institution |
| Mortgage Loan Originator (MLO) | a licensed professional who helps consumers get mortgage loans; can be commercial or residential (RMLO) |
| Real Estate Investment Trust (REIT) | a registered company that owns and operates commercial real estate; investors can buy and sell interests in real property in the form of REITs |
| Real Estate Mortgage Trust (REMT) | a type of real estate investment trust that buys and sells real estate mortgages instead of real property |
| Price-to-Earnings Ratio (P/E) | a common method of predicting the price of a stock that tells an investor how much dividend they will receive per dollar of stock purchased |
| Mortgage Backed Securities | asset-backed securities that are secured (collateralized) by either a mortgage or group of mortgages |
| Real Estate Bond | a bond that is secured by a mortgage or group of mortgages |
| Hard Money Loan | an asset-based loan in which a borrower receives funds secured by real property; typically issued by private investors or companies |
| Encumbrance | a claim on a property belonging to someone other than the owner |
| Easement | the right to enter the property of another without owning it |
| Affirmative Easement | an easement that gives people the right to use someone else’s personal property for a specific purpose |
| Negative Easement | an easement that prohibits a property owner from performing an otherwise legal activity on their own property |
| Servient Estate | the party that has the burden of granting the other party access in an easement |
| Dominate Estate | the party that is gaining access to the servient estate’s land in an easement |
| Easement Appurtenant | an easement that applies to the land regardless of the owner |
| Easement in Gross | an easement that applies to the person or entity, not the specific land |
| Floating Easement | an easement that does not have a clearly marked, fixed location to which access is granted |
| Express Easement | an easement created by a written agreement between two or more parties |
| Implied Easement | an easement created as logical features of the land |
| Prescriptive Easement | when a dominant party has been using the servient party’s land continually, out in the open, for a statutory amount of time |
| Encroachment | when a party that is not the property owner interferes with the property owner’s land |
| Restrictive Covenant | a type of encumbrance that restricts how a buyer could use the property they are buying |
| Security Interest | a legal claim of collateral in exchange for a loan |
| Lien | a right to possession of a property by someone other than the owner until a legal duty is satisfied by the owner |
| Voluntary Lien | liens that are entered into with the consent of all parties |
| Statutory Lien | a lien that is obtained through a government law — such as a tax lien, mechanic’s lien, vendor’s lien, etc |
| Judgement Lien | a nonconsensual lien that is created through the power of a court |
| Specific Lien | a lien specific to a certain property |
| General Lien | a lien that attaches to all of a person’s property |
| Mortgage Lien | a lien on a home that guarantees repayment to the lender if the borrower does not make the required payments |
| Promissory Note | a document in which the borrower acknowledges their debt and promises to repay the holder of the promissory note; also called “the note” |
| Secured Note | a promissory note that references a security instrument |
| Unsecured Note | a promissory note that does not reference a security instrument |
| Acceleration Clause | clause in a security instrument (mortgage/deed of trust) which makes the entire loan amount due immediately upon default |
| Security Instrument | document that gives lenders a claim to a borrower’s real property as collateral in order to secure a loan (mortgage or deed of trust) |
| Mortgage | security instrument that creates a mortgage lien on mortgagor’s property in exchange for loan |
| Deed of Trust | security instrument which places the deed to the property in a trust held by the trustee, who holds it as security on behalf of the beneficiary (lender) |
| Equitable Interest | a secondary and lesser interest in a property than the ownership interest with which it is associated |
| Trust Grantor | the borrower in a deed of trust |
| Trust Beneficiary | the lender in a deed of trust |
| Trustee | the third party who holds the trust; could be an escrow company, title company, or other financial institution licensed to hold trusts |
| General Warranty Deed | warranty that identifies the owner of the property and guarantees that the property is free of defects |
| Special Warranty Deed | limited warranty that guarantees there are no defects against the title since the seller has owned the property |
| Lien Theory States | principle where mortgagors (borrower) retain legal and equitable rights to their property; mortgagee (lender) has a lien on the property until payment of loan |
| Title Theory States | principle where the trustor (borrower) conveys the legal title to the lender (or another party) and the borrower retains equitable title and right of possession until payment of loan |
| Executory Contract | a contract which has not yet been fully performed (both sides have not yet completed their obligations) |
| Contract for Deed | an executory contract in which the seller keeps the title upon sale; the buyer gets the title after making payments over a period of years |
| Mortgage Subordination Agreement | a legal document used to sort out situations when there are two mortgages on a home, and the homeowner wants to refinance the first mortgage |
| Wraparound Mortgage | an arrangement in which the seller of a property extends a mortgage to a buyer; the seller maintains their original loan and continues to pay it while also receiving mortgage payments from the buyer |
| Prepayment Privilege | provision that allows a borrower to pay off their loan early |
| Late Payment Penalty | a late fee to be charged to buyers if they are late on their payment |
| Lock-in Clause | a provision that prohibits a lendee from making early payments on a loan for a specified period of time |
| Due-on-Sale Clause | a clause stating that if a property is sold, then the mortgage must be repaid in full |
| Assumption Loan | a loan that is transferred (assumed) by another party, usually the buyer, with the full acknowledgment and consent of the lender |
| Subject-to Loans | a loan that gives the buyer the title to the property but lets the seller’s financing remain in place |
| Assignment | the transference of obligations in a contract from one party to another |
| Exculpatory Clause | a clause that relieves the borrower of personal liability to repay the loan |
| Non-Recourse Clause | a clause that prohibits a lender from seizing any property outside of the property that the loan was secured with |
| Recourse Clause | a clause that states that if a lender still has a deficit after seizing the secured property, then they have the right to seize other assets of the buyer |
| Primary Lending Discount Rate | the interest rate the Fed charges to other banks |
| Amortized | describes a loan that is to be paid off with equal monthly payments that contribute to both principal and interest; payments will be credited first to the interest, with any remainder credited to the principal |
| Negative Amortization | occurs when the loan payment(s) are not sufficient to cover the interest due, causing the unpaid interest to be added to the principal balance |
| Annual Percentage Rate (APR) | the ratio of the total cost of financing to the loan amount (not to be confused with the interest rate) |
| Discount Points | fees that the lender charges to lower the lending rate; one point is 1% of the loan amount |
| Conventional Loan | any loan that is neither insured by the government nor guaranteed by the government |
| Conforming Loan | loan that conforms to the guidelines set by Fannie Mae and Freddie Mac and thus can be sold to them on the secondary market |
| Non-Conforming Loan | loan that does not follow Fannie Mae and Freddie Mac guidelines and thus will not be purchased by them on the secondary market |
| Adjustable Rate Mortgage (ARM) | a loan with an interest rate that can change during adjustment periods throughout the life of the loan |
| Loan-to-Value Ratio (LTV) | a ratio of debt to value of the property |
| Float-to-Fixed Rate Loan | loan that has an initial interest rate determined by a margin and an index, and after the initial float rate period the loan converts to a fixed-rate loan |
| Balloon Mortgage | a type of loan, at the end of which the (often large) remaining balance of the mortgage is due as a lump sum |
| Blanket Mortgage | a loan for which more than one collateral property acts as security |
| Home Equity Loan | a loan in which funds are borrowed using the homeowner’s equity for collateral; funds can be used for any purpose |
| Private Mortgage Insurance (PMI) | a type of mortgage insurance that protects the lender if a borrower defaults on a conventional loan; required when the borrower has less than 20% equity |
| Cancellation Date | date when the borrower can apply to have PMI cancelled; occurs when the amortization schedule reaches 80% or the principal is paid down to 80% of the original value |
| Refinancing | the process of obtaining a new mortgage in an effort to reduce monthly payments, lower interest rates, take cash out of a home for large purchases, or change mortgage companies |
| Equity | the difference between the amount owed to the mortgage company and the amount the home is worth |
| Subprime | describes a type of lending or mortgage that involves borrowers with relatively low credit ratings |
| Prime Rate | the interest rate that’s issued to mortgage borrowers with what lenders deem “good credit” |
| Federal Funds Rate | the interest rate that banks charge other banks for overnight loans |
| Predatory Lending | the unfair, deceptive, or fraudulent practices of some lenders during the loan origination process; imposing unfair and abusive loan terms on borrowers |
| Participation Agreement | the agreement that governs the sale of a portion of an interest in an existing loan, plus the rights and obligations of the seller and buyer of an interest |
| Participation Fee | a monthly servicing fee based on the outstanding principal balance of the loan and the participant’s percentage share of any expenses incurred by the lender in connection with the enforcement of the loan |
| Fixed-Rate Mortgage | mortgage for which the interest rate stays the same, or is fixed, for the entire life of the loan |
| Adjustable-Rate Mortgage (ARM) | mortgages with interest rates that are set to adjust after a certain amount of time |
| Benchmark | a figure that allows investors to compare how a given mortgage is doing compared to other similar types of mortgages based on qualities like risk and investment type; also known as the index |
| Flipping | type of loan fraud in which a property is purchased and then quickly resold at a value that is artificially inflated by false appraisals |
| Buyer Rebates | illegal money transfer during the transaction that causes money to go back to the buyer, either at or after closing, without the knowledge of the lender |
| Government-Backed Loans | loans that are insured by the Federal Housing Administration (FHA), guaranteed by the (VA), provided by the U.S. Department of Agriculture (USDA), o provided by special programs created by individual states or local jurisdictions |
| Mortgage Insurance Premium (MIP) | a borrower-paid insurance required for FHA loans, in order to insure lender in case of borrower default/foreclosure |
| Streamline Refinance | an option for borrowers who want to take advantage of low interest rates, get out of an adjustable rate mortgage (ARM) or graduated payment mortgage (GPM) |
| Direct Endorsement | when a lender has the authority to approve FHA loans in-house without submitting the file to the FHA regional office for prior approval |
| VA Loan | loan to purchase or construct homes for eligible veterans and their spouses |
| Credit Score | numerical representation of an individual’s creditworthiness based on an analysis of their credit files |
| Verification of Employment Form | a form that requests the length of the applicant’s employment, gross salary, additional income, and the likelihood of continued employment |
| Net Operating Income (NOI) | calculation that analyzes a real estate investment’s income |
| Credit Report | statement on a person’s credit issued by one of the three credit reporting bureaus (Equifax, Experian, or TransUnion) |
| Collateral | something pledged as security for repayment of a loan that can be forfeited in the event of a default |
| Property Valuation | the process of developing an opinion of value for real property, usually at market value |
| D.U.S.T. | an acronym for the characteristics of value (demand, utility, scarcity, transferability) |
| Market Value | The price for which a property will sell if offered openly under normal conditions |
| Residential Mortgage Credit Report (RMCR) | report containing information needed to underwrite a loan to sell on the secondary market |
| Fair Credit Reporting Act (FCRA) | an act that promotes accuracy, fairness, and privacy of consumer information in the files of consumer reporting agencies |
| Equal Credit Opportunity Act (ECOA) | - law prohibiting credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or use of public assistance |
| Assets | property owned by a person or company; holds value to meet debts, commitments, or legacies |
| Gift | cash the borrower receives from a relative, fiancée, or domestic partner and does not need to be repaid |
| Uniform Residential Loan Application | standard application used by banks to determine someone’s ability to secure a mortgage loan |
| Uniform Residential Appraisal Report (URAR) | form used in real estate appraisal to allow for standard reporting and analysis of single-family homes or single-family homes with an accessory unit |
| Appraisal | a written estimate of a property’s market value completed by an appraiser |
| Disclosure | the act of supplying previously unknown information to a party in a transaction |
| Consummation | the point at which the consumer becomes contractually obligated to the creditor on the loan |
| Servicer | the company to which mortgage payments are sent |
| Title | a bundle of rights with regards to a piece of property in which a party may own a legal or equitable interest |
| Title Search | an examination of public records to check for clouds on a title |
| Abstract of Title | an abbreviated history of a property, including info on any transfers, grants, wills, conveyances, liens, and encumbrances |
| Title Plant | a collection of privately owned and maintained title records |
| Title Commitment | a pre-closing document that lists all of the terms, conditions, and exclusions of the title policy; a “preview” of the final title insurance policy |
| Owner’s Policy of Title Insurance | policy that insures the buyer against title defects |
| Credit | a positive balance or a positive amount |
| Debit | negative balance or a negative amount |
| Arrears | money that is owed on a previously incurred expense; paid after the fact |
| Default | any breach of a valid contract |
| Acceleration Clause | states that whenever there is a breach of contract on the part of the borrower, the lender may make the entire amount of the loan due immediately |
| Delinquent | describes the state of a borrower who fails to pay the principal, interest, taxes, or insurance for a loan on time or at all |
| Moratorium | a suspension of loan payments for a period of time |
| Forbearance | the act of refraining from exercising a legal right |
| Recasting | changing the terms of the loan |
| Short Sale | a sale in which the lender will agree to accept less than what is actually due on the mortgage before the property goes into foreclosure |
| Property in Distress | a property that is in poor condition either physically or financially |
| Deed In Lieu of Foreclosure | an alternative to foreclosure in which the defaulting borrower voluntarily transfers the property title to the lender |
| Foreclosure | the legal process whereby a lender takes control of a property held by a borrower in default and sells it to recover the lender’s losses |
| Judicial Foreclosure | a foreclosure that is processed through the court |
| Non-Judicial Foreclosure | a foreclosure that does not involve a suit or the ruling of the court (as a result of terms in the contract) |
| Redemption Period | period of time after a home has been sold at a foreclosure sale when the former owner can reclaim it by paying the outstanding mortgage balance and all costs incurred during the foreclosure process |
| Deficiency Judgment | requires the defaulted borrower to pay any remaining balance owed to the lender, generally after the sale of a foreclosed property |
| Equitable Redemption | occurs before the sale (auction) of a property; allows defaulting debtors to pay the defaulted portion of the debt (and costs the lender incurred) in order to reinstate the loan and prevent a foreclosure sale |
| Statutory Redemption | a specified period in which debtors are allowed to recover their property after a foreclosure sale |
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jamesowens
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