Glossary of terms used on this site
There are 6 entries in this glossary.All
| Term | Definition |
|---|---|
| Foreclosure |
The legal process by which a creditor (a bank or servicer) with a claim on real estate forces a sale of the property. |
| Notice of Default |
A legal notice from the lender giving the homeowner three months to make up past payments. |
| Notice of Trustee Sale |
A legal notice indicating the final stage in the foreclosure process. A trustee sale generally specifies the date when the property in question will be auctioned. Foreclosure process is complete when the property is sold at auction or ownership otherwise reverts back to the lending institution. |
| REO |
Acronym for Real Estate-Owned property. When ownership of a foreclosed property reverts to the lender (usually a bank or servicer) because no acceptable buyer can be found or is not sold at auction, this is refered to as an REO property. |
| Subprime Loan |
Mortgage loans that have higher costs (such as higher interest rates) and more risk than standard prime loans. Subprime loans were generally intended for applicants with poor credit histories, high loan-to-value ratios, or other credit risk characteristics that would disqualify them from lower cost, prime-rate loans. |
| UCR |
The FBIs Uniform Crime Report is the only national dataset for USA crime reports and also provides for a consistent coding system for each type of crime. UCR Part I Violent Crimes are as follows: 1: Homicide, 2: Attempted Homicide, 3-4: Rape, 5-8: Robbery, 9-12: Assault. UCR Part I Property Crimes include: 13-15: Burglary, 17-19 Motor Vehicle Theft, 20-29 Arson. |
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