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What is default?
Failure to meet loan obligations.
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What is notice of default?
Formal foreclosure notice.
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What is acceleration clause?
Lender demands full balance due.
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What is foreclosure timeline?
Varies by state and loan type.
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What is deficiency judgment?
Court-ordered repayment after foreclosure.
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What is short payoff?
Lender accepts less than owed.
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What is deed in lieu of foreclosure?
Borrower voluntarily transfers ownership.
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What is mortgage relief program?
Assistance for struggling borrowers.
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What is loss mitigation?
Options to avoid foreclosure.
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What is escrow cancellation?
Removing escrow account.
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