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Disqualification of a firm or individual from contracting with the government or participating in government non-procurement transactions for a specific period of time. The grounds for debarment may be either statutory or administrative.
- Browse Related Terms: Adjustable-Rate Mortgage (ARM), amortization, balloon mortgage, Convertible ARM, Debarment, Fixed-Rate Mortgage (FRM), Interest-only mortgage, Lock-In, Lock-in agreement, Mortgage life insurance, Negative amortization, Payment Cap, Right of rescission, Self-Amortizing Loans, Swap, term, Weighted Average Life (WAL)
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a comparison or ratio of gross income to housing and other expenses or debts the homeowner owes.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Chapter 13 Bankruptcy, Debt-to-income (DTI), Escrow, Escrow Account, Escrow Analysis, Forbearance, Home Affordable Unemployment Program (UP), Housing expense, Monthly Gross Income (MGI), Mortgage Payment, Mortgage Payment Guideline, Pricipal, interest, taxes, insurance and homeowners association dues (PITIA), Primary or Principal Residence, Repayment Plan, Servicer, Underwriting
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a document that legally transfers ownership of property from one person to another. The deed is recorded on public record with the property description and the owner's signature. Also known as the title.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: agent, Beneficiary, Co-Homeowners, Deed, Default, Grantor, Negative Equity, Real property, Title, trust, trust deed, Trustee
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the process by which a homeowner may voluntarily transfer the deed to a home to the servicer when payments cannot be made.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Closing, Deed-in-Lieu of Foreclosure, fee, Foreclosure Prevention, HAFA Short Sale, Pre-foreclosure, Servicing transfer, Short Sale
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When a borrower fails to comply with the terms and conditions of the signed promissory note and trust deed.
Default is failure to comply with the terms of an obligation to such an extent that a judgment has been rendered in favor of a failed institution or, in the case of a secured obligation, when the property on which such obligation is secured is foreclosed.
- Browse Related Terms: agent, Beneficiary, Co-Homeowners, Deed, Default, Grantor, Negative Equity, Real property, Title, trust, trust deed, Trustee
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loan payments that are authorized to be postponed as part of a workout process to avoid foreclosure.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Deferred payments, Foreclosure, Home Affordable Foreclosure Alternatives Program (HAFA), Home Affordable Modification Program (HAMP), Home Affordable Refinance Program (HARP), Home Owners’ Loan Act, Loss Mitigation, Second Lien Modification Program (2MP), Trial Period or Trial Period Plan, Work Out
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failure to make a payment when it is due. A loan is generally considered delinquent when it is 30 or more days past due.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This DefinitionFailure to make a loan payment to whom it is due. A loan usually is considered delinquent when it is 30 or more days past due.
- Browse Related Terms: "Bait-and-switch" schemes, Alt-A Mortgages, Balloon Payment, cash-out refinancing, Collections, Delinquency, Home improvement scams, Loan flip, Loan modification, Mortgage Modification, Prepayment penalty, Prime, Prime Mortgages, Refinance, Subprime, Subprime Mortgages
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A financial institution that makes loans and obtains its funds mainly through accepting deposits from the public; includes commercial banks, savings and loan associations, savings banks, and credit unions.
- Browse Related Terms: Agency Code, Branch Office, Capitalization, Depository Institution, Federal Financial Institutions Examination Council (FFIEC), Federal Home Loan Bank Act of 1932, Federal Home Loan Bank Board (“FHLBank Board”), Federal Home Loan Banks (FHLBanks), Federal Housing Administration (FHA), Federal Savings and Loan Insurance Corporation (FSLIC), FHA Approved Lenders, Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Nondepository Institution, Respondent or Reporter ID (RID), Thrift
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Legislation intended to promote the financial stability of the United States by improving accountability and transparency in the financial system, end “too big to fail,” protect the American taxpayer by ending bailouts, and protect consumers from abusive financial services practices.
- Browse Related Terms: American Recovery and Reinvestment Act of 2009, Conservatorship, Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), Emergency Economic Stabilization Act (EESA), Garn-St. Germain Depository Institutions Act, Housing and Economic Recovery Act (HERA), Inspector General Act, Inspector General Reform Act, Interest Rate Risk
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Dwelling means any residential structure, whether or not attached to real property. It includes vacation or second homes and rental properties; multifamily as well as one-to-four-family structures; individual condominium and cooperative units; and manufactured and mobile homes. It excludes recreational vehicles such as boats and campers, and transitory residences such as hotels, hospitals, and college dormitories.
- Browse Related Terms: Dwelling, Home Improvement Loan, Home Purchase Loan, Loan Purpose, Occupancy, Property Type, Refinancing
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