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Default – The failure of the borrower to make the loan payments as agreed in the
promissory note or workout plan.
Delinquency – A loan payment that is overdue but within the period allowed
before actual default is declared.
Foreclosure - The legal process by which an owner’s right to a property is
terminated, usually due to default. The mortgage lender sells at auction the
property that secures a loan on which a borrower has defaulted. Typically,
ownership of the property is transferred to the financial institution. The institution
will market and list for sale the property to recover the monies owed to them.
Investor – The entity that owns the loan. Oftentimes, the lender will sell your loan
to another entity after closing. Most likely, the investor is not the same as the
servicer or the lender. The servicer must follow then investor’s guidelines for
servicing the loan and resolving delinquencies.
Lender – The entity that gave you the mortgage loan. It may not be the same
entity to whom you send your payments.
Servicer – The entity to whom you send your monthly payments. The lender has
contracted with the servicer to handle your loan after closing. The servicer is your
contact for any issues you have with your mortgage loan. Also called loan servicer
or mortgage servicer.
Servicing - The administration of the loan by the servicer from the time you
obtain your mortgage loan until it is paid off . Administration of a loan includes the
collection and application of payments, payment of insurance and real estate
taxes, maintaining records of payments and balances and working with the
borrower to resolve delinquencies.
Information provided by: http://www.hud.
gov/local/nv/homeownership/forclosurewkbk.pdf
Foreclosure Watch List