Acceleration
A demand that the full loan balance become due after a default, subject to the loan documents and applicable law.
Plain-language glossary
Enough vocabulary to ask the next question.
These are general explanations. Your notice, state law, and loan documents control how a term applies.
Complete application
A loss-mitigation application for which the servicer has received all information it requires at that time.
Deed-in-lieu
An agreed transfer of the property to the mortgage holder instead of completing foreclosure.
Default
Failure to meet an obligation in the loan agreement, commonly payment but potentially another covenant.
Deficiency
A remaining balance claimed when sale proceeds do not cover the secured debt and allowed costs.
Forbearance
A temporary reduction or pause in required payments, with a separate plan needed for amounts not paid.
Foreclosure sale
The sale event used to enforce the mortgage, deed of trust, or other lien under applicable law.
Judicial foreclosure
A foreclosure process handled through a court case.
Loss mitigation
The process of evaluating alternatives to foreclosure, including home-retention and non-retention options.
Mortgage servicer
The company that receives payments, manages the account, and communicates about assistance. It may not own the loan.
Nonjudicial foreclosure
A process that can proceed outside a full court lawsuit when the security instrument and state law permit it.
Notice of default
A notice stating that the loan is in default. Its legal effect and required contents vary.
Notice of sale
A notice identifying a proposed foreclosure sale. Verify the date and status independently.
Redemption
A state-law right in some situations to recover the property by paying a required amount before or after sale.
Reinstatement
Bringing the loan current by paying the required amount before an applicable deadline.
Repayment plan
An arrangement that adds part of missed amounts to regular payments over a set period.
Short sale
A sale approved for less than the amount needed to pay the mortgage and related obligations in full.
Successor in interest
A person who receives an ownership interest after events such as death, divorce, or transfer and may have servicing rights.
Trustee sale
A nonjudicial sale conducted by a trustee or substitute trustee under a deed of trust.