foreclosures
Mortgage default consequences
Foreclosures is the plural of foreclosure—the legal process by which a lender takes possession of property when a borrower fails to make mortgage payments.
A wave of foreclosures often signals economic distress: Foreclosures spiked after the housing bubble burst.
The word appears frequently in discussions of real estate markets and financial crises.
Secured home loan
- defaultPreset standard option
- lienClaim securing debt
- judgmentReasoned decision-making capacity
- deedWritten property conveyance
auction · sheriff · petition · notice · redemption · deficiency · trustee · complaint
Forced departure from rental
- displacementRemoval from usual location
- vacancyUnoccupied space or position
- abandonedLeft behind completely
- blightPlant disease causing decay
neighborhood · homeowner · family · relocation · possession · lockout · bank-owned · distressed
Money owed another
- underwaterBelow the surface
- subprimeUnder top credit tier
- delinquencyCriminal or neglectful behavior
- arrearsOverdue financial obligations
balloon payment · ARM · equity · loss · credit score · refinancing · loan modification · forbearance
Decisive dangerous moment
- bubbleAir-filled film sphere
- crashSudden violent impact
- recessionProlonged economic decline
- subprimeUnder top credit tier
2008 · housing market · real estate · inventory · prices · investors · flipping · bulk sales
Act of altering something
- forbearancePatient self-control, delayed enforcement
- counselingProfessional guidance for problems
- HUDVisual information overlay
- assistanceSupport or aid given
mediation · workout · reinstatement · moratorium · relief · intervention · outreach · advocacy
mortgage
Secured home loan
deed · auction · sheriff · petition · notice · redemption · deficiency · trustee · complaint · filing
eviction
Forced departure from rental
- displacementRemoval from usual location
- vacancyUnoccupied space or position
- abandonedLeft behind completely
blight · neighborhood · homeowner · family · relocation · possession · lockout · bank-owned · distressed · auction block
debt
Money owed another
- underwaterBelow the surface
- subprimeUnder top credit tier
- delinquencyCriminal or neglectful behavior
arrears · balloon payment · ARM · equity · loss · credit score · refinancing · loan modification · forbearance · hardship
crisis
Decisive dangerous moment
subprime · 2008 · housing market · real estate · inventory · prices · investors · flipping · bulk sales · hedge funds
modification
Act of altering something
- forbearancePatient self-control, delayed enforcement
- counselingProfessional guidance for problems
- HUDVisual information overlay
assistance · mediation · workout · reinstatement · moratorium · relief · intervention · outreach · advocacy · nonprofit
- Financial Crisisfinancial crisis, Great Recession, recession, credit crisis, bank failures
- housing historyland grants, homesteading, redlining, zoning laws, deed restrictions
- economyGDP, money, inflation, inflation rate, GNP
- housing crisishousing bubble, housing crash, subprime mortgages, subprime loans, mortgage default
- public recordspublic records, birth certificate, death certificate, birth certificates, death certificates
- industrial declinedeindustrialization, factory closures, plant shutdowns, plant shutdown, manufacturing decline
foreclosuresmortgage payoff
Completing payment on home loan
property ownership · homeownership · home preservation · clear title
foreclosuresdebt repayment
Satisfying financial obligations
housing boom · financial recovery · economic recovery · solvency · home equity
- foreclosure preventionStopping bank repossession
- bank foreclosure
- foreclosure saleAuction of seized property
- foreclosure auctionSale of repossessed property
- foreclosure processLender reclaiming defaulted property
- foreclosure noticeLender's property seizure announcement