Lending Institutions
This type of financial institution is the largest source of short-term real estate financing and is known for making construction and bridge loans.
What are Commercial Banks?
This common mortgage type isn’t insured or guaranteed by any government agency—just your creditworthiness and the lender’s approval.
What is a conventional mortgage?
Used in states where a power-of-sale clause appears in the deed of trust, this type of foreclosure bypasses the courts and moves more quickly than judicial proceedings.
What is non-judicial foreclosure?
This party brings the funds to purchase the property and submits an offer, often contingent on inspections and financing.
Who is the buyer?
The process begins when a homeowner hires an agent to market their property—this step officially puts the property on the market.
What is listing?
Created to promote homeownership, these federally chartered institutions specialized in mortgage lending and were once known simply as “S&Ls.”
What are federal savings and loan associations?
Backed by the U.S. government, this loan is available to eligible service members and often requires no down payment.
What is a VA/GI mortgage?
If a foreclosed property sells for less than the mortgage balance, a lender may pursue this legal ruling to collect the remaining amount from the borrower.
What is a deficiency judgment?
This party transfers ownership of the property, often after listing it and negotiating offers.
Who is the seller?
Before tours or offers, agents evaluate a potential purchaser’s financial strength and loan readiness in this important early step.
What is qualifying the buyer?
Owned by their depositors, these institutions focus on savings accounts and home loans and often operate regionally in the Northeast.
What are mutual savings banks?
Designed for buyers with limited savings, this government-insured mortgage requires a low down payment and is overseen by a specific administration.
What is an FHA mortgage?
Some states allow borrowers a period after foreclosure to reclaim their property by paying the full amount owed—this legal privilege is known as these.
What are redemption rights?
Whether a bank or another financial institution, this party provides the funds for a home loan and evaluates the borrower’s creditworthiness.
Who is the mortgage lender?
From open houses to private appointments, this activity allows potential purchasers to see the home and decide if it meets their needs.
What is showing the property?
These member-owned, not-for-profit financial cooperatives often offer lower loan rates because they return earnings to their members.
What are credit unions?
Steady as it goes—this mortgage keeps the same interest percentage for the entire loan term, making monthly payments predictable.
What is a fixed rate mortgage?
Instead of going through the full foreclosure process, a borrower may voluntarily transfer ownership to the lender through this alternative remedy.
What is a deed in lieu of foreclosure?
Licensed to assist with property sales, this professional markets homes, guides negotiations, and connects buyers and sellers—typically earning a commission.
Who is the broker/agent?
This legally binding document outlines the terms, price, contingencies, and timeline once a buyer and seller agree.
What is the purchase and sale agreement?
This lender provides flexible, fast funding, often for borrowers who don't qualify for traditional loans; often charging higher interest rates and fees due to higher risks.
Who are private lenders?
In this creative financing arrangement, a buyer pays the seller, who continues paying the original mortgage—essentially layering one loan on top of another.
What is a wraparound mortgage?
Often occurring at a public auction, this event finalizes the lender’s repossession efforts as the property is sold to the highest bidder.
What is a foreclosure sale?
This licensed professional reviews contracts, ensures compliance with state laws, and represents a client’s legal interests during the transaction.
Who is the attorney?
The final step of the transaction, this event includes signing documents, transferring funds, and officially handing over ownership.
What is closing?