Glossary of Real Estate Terms
- ABR®-
Accredited Buyer Representative ABR® designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to REALTORS® who meet the specified educational and practical experience criteria, by the Real Estate Buyer's Agent Council (REBAC) of the National Association of REALTORS®. - Equal Housing Opportunity ACT-
Protects the buyers/renters of a dwelling from seller/landlord discrimination. Its primary prohibition makes it unlawful to refuse to sell, rent to, or negotiate with any person because of that person's inclusion in a protected class. read more... - REOS™-
Real Estate Own Specialist REALTORS® that receive the REOS designation have a better understanding of the Foreclosure, Short Sales and REO Market. - Loan Modification-
A Loan Modification is a change in permanent modification of the original mortgage loan terms, allowing the loan to be reinstated, qualified applicants might be eligible to better loan terms or lower monthly payments.
- Loan Forbearance-
For borrowers that can demonstrate to the Lender that their financial situation have improved and are able to catch-up with their payments in arrears. The final decision is of the Lender/Investor. - Loan Reinstatement-
This happens when you are able to bring your mortgage payment up-to-date with a lump sum of money. - Laon Repayment Plan-
Repayment plan happens when you can promise your lender/Investor that your will start making a pre authorized payment for x-amount of months to catch-up with your default payments. - Deed In Lieu of Foreclosure-
This is the equivalent to a voluntary repossession with your car, you call your lender and ask them to come pickup your car because you can't pay it. Handing your lender the keys to your home still a better option than foreclosure. DIL allows to voluntarily transfer the title of your home to the Servicer or Lender if you are unable to maintain mortgage payments. Always consult with an attorney before signing any documents transferring ownership of your property to anyone and verify that you are working directly with your lender not a third party. - Short Sale-
The Short Sale is the alternative to Foreclosure, when you have explored all options and the Lender/Investor agrees to settle the debt for less of what is owed. Short Sale can be less damaging to your credit and dignity. - SRES® -
Seniors Real Estate Specialists® or SRES® designees are REALTORS® qualified to address the needs of home buyers and sellers age 50+. - SFR®-
Short Sale and Foreclosure Resource - REALTORS® that receive the NAR® SFR® Designation are ready to deal with the intricacies of the sale of distressed properties by helping and guiding distressed homeowners though the process of short sales or foreclosure. - MLS -
Multiple Listing Service - NAR® -
National Association of REALTORS® Since its inception in 1908, the National Association of REALTORS® has worked successfully to advance home ownership, real estate investment, private property rights and the free enterprise system in the halls of Congress and the Federal agencies. NAR is the acknowledged leader in developing standards for efficient, effective, and ethical real estate business practices. With more than 1,200,000 members representing every city, township and community across America, NAR is the "Voice for Real Estate" in the nation's capital. - NCJAR®-
North Central Jersey Association of REALTORS® - NJAR® -
New Jersey Association of REALTORS® NJAR is a non-profit organization servicing Real Estate professionals in the State of New Jersey. NJAR is part of NAR® - Default-
Failure to fulfill an obligation or promise, or to perform specify acts. When a mortgage payment is 30-days late is considered by the Services and/or Mortgage Bank to be in default. - Deed in Lieu of Foreclosure-
The act of giving property back to a lender without foreclosure. - HAFA-
Making Home Affordable was first introduced in 2009 by the US government in an effort to alleviate foreclosures and help homeowners retain their properties. Initially there were to programs knows as the HAFA, HARP and HAMP. - HARP-
Home Affordable Refinance Program, is for homeowners that are current on their mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP - HAMP
Home Affordable Refinance Program HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable... - REO-
Real Estate Owned commonly knows as REO a property acquired by a lender through foreclosure and held in the Banks' Inventory. - Foreclosure-
A termination of the equity of redemption of a mortgagor or a the grantee in a real property covered by a mortgage statutory foreclosure is effected without recourse to courts, but must conform to laws (statues). Judicial Foreclosure submits the process to court supervision. - 203 (K)-
HUD's 203K loan program is a rehabilitate and repair loan for single family homes. This program is administered by FHA. This loan is through FHA-approved lending institutions, these lenders fund the mortgage loan which HUD insures. HUD does not lend the proceeds for these loans. - FHA-
Federal Housing Administration is part of HUD Insures mortgage loans giving lenders lower risk on their loans. FHA approved Lenders can offer lower down payments, low closing costs and lenient credit qualifying scores.