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Bankruptcy - bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested or initiated by the bankrupt individual or organization, or it can be requested by creditors in an effort to recoup a portion of what they are owed. However, in the overwhelming majority of cases, the bankruptcy is initiated by the "bankrupt" individual or organization. (source:

Forbearance - an arrangement whereby the lender may permit the temporary cessation of payments (principal and/or interest), or allow an extension of time for making payments, or accepting smaller payments than were previously scheduled. During forbearance interest will accrue and it must be paid or it will be added to the loan principal, increasing the total amount of loan borrowed and the amount of interest a student will pay.

Foreclosure - foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a piece of real property due to the owner's default on its promissory note. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien." (source:

Mortgage Payment - the regular installments (usually monthly) made towards paying back the principal and interest on a mortgage.

Promissory Note - a legally binding contract between a lender and a borrower. The promissory note contains the terms and conditions of the loan, including how and when the loan must be repaid.


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