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Chapter 10 - Defaults & Foreclosures

Horizontales
__ is a voluntary program that supports servicers’ efforts to modify mortgages, while protecting taxpayers’ interests.
__ on a mortgage occurs when a borrower fails to meet the terms of the mortgage.
A loan __ will change the terms of an existing loan for the purpose of helping the borrower continue to pay the mortgage.
A mortgage __ occurs when the borrower makes a sizeable payment toward the principal of the loan and then the lender re-amortizes the loan on the lower balance.
__ of Execution is the court’s way of terminating the borrower’s interest as well as other owner’s interests in the property, and ordering that the property by sold.
Verticales
Deed in __ of Foreclosure - The borrower voluntarily signs over the title to the lender to avoid a foreclosure.
If the proceeds from the sale of a foreclosed property are not enough to cover the outstanding debt, the lender can file suit to collect the difference in the form of a __ judgment.
Lis __ is a term used to give public notice that a mortgaged property will soon be available for acquisition due to mortgage default and that a suit will be taking place.
A __ sale occurs when the property is sold for less money than the balance of the mortgage plus any amounts due to other lien holders.