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Hearing
A proceeding before a court.
Holder in Due Course
A legal doctrine that holds that a person or entity that obtains a note without notice of any borrower defenses to its
enforcement may enforce payment of that note in a court despite any borrower defense or other reason for not
paying.
Home Improvement Loan
In general, it is a short-term loan extended against the signature.
Homeowner's Association (HOA)
Entity providing maintenance services in common areas of a housing community.
Homeowner's Warranty
Insurance policy protecting new owner against any defects in the property subject to sale.
Homestead
Special legal protection that many states give to a person's principal residence.
Housing and Urban Development (HUD)
A department of the federal government that administers housing programs.
Hypothecate
Pledge a property as a security for a loan without giving up possession.
Impound Account
An account held by the lender that is used for him or her to advance payments of certain expenses or charges that
are incidental to property ownership and that may protect the lender's security.
Incumbrance
Any right to or interest in property interfering with its use or transfer, or subjecting it to an obligation. In connection
with foreclosure property, the most likely incumbrances are mortgages and claims for unpaid taxes.
Installment
Parts of the same debt, payable at successive periods as agreed; payments made to reduce a mortgage.
Instrument
A written legal document.
Interest
Cost of funds charged by lenders.
Interest Averaging
The interest rate that is the average of all interest rates of loans on multiple properties.
Interim Financing
The temporary financing during the property is under construction or repair for sale.
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Internal Revenue Service (IRS)
The arm of the U.S. government that collects taxes.
Involuntary Lien
A lien imposed against property without consent of the owner, e.g., taxes, special assessments.
Jeopardy
To have one's property or liberty subjected to a possibly adverse decree of a court or agency.
Joint Tenancy
Ownership of property by two or more persons, each of whom has an undivided interest with the right of
survivorship.
Judgment
The final decision of a court.
Judicial Foreclosure
A foreclosure action that is executed by the court.
Jumbo Loan
Nonconforming loan exceeding the limits set forth by FNMA and FHLMC.
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Junior Lienholder
A holder of a right to force the sale of property that is inferior and subordinate to another lienholder's right to do the
same. A junior lienholder who forces the sale of the real estate must either pay off the senior lien or make
arrangements to make payments on it to prevent it from being foreclosed. The foreclosure of a first lien destroys
the right of a junior lienholder to foreclose, but the foreclosure of a junior lien does not affect the right of a senior
lien to foreclose.
Junior Mortgage
A mortgage second or subsequent in lien to a previous mortgage.
Next Foreclosure Definitions: Land Sale Contract >> Lot Book Report
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