Real Estate Terms Pueblo
Real Estate Terms Pueblo Homeowners Can Use
There are several real estate terms Pueblo
homeowners need to know in today’s economy. All too often commonly used
real estate terminology sounds like a foreign language. And that’s not
good. We have created the following list to help you better understand
real estate terms that are not only affecting Pueblo, but every town in
the country.
Real Estate Terms Pueblo Homeowners Need To Know:
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Forbearance
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When the lender (bank) agrees to stop
pursuing foreclosure for a short time to allow the homeowner
time to catch up on their late house payments, this is called
forbearance. You may want to consider this if you have been
unable to make your payments due to temporary circumstances,
such as a job loss.
Sometimes the temporary circumstance isn’t
so temporary. If you need to sell your house fast, learn how to
“Sell My House”.
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Foreclosure
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The legal action (court
ruling) where the homeowner loses their home because they did
not pay their mortgage (house payment) or did not comply with
other terms of the mortgage (home loan) is called
Foreclosure.
When someone is behind on their payments,
their bank will often send a letter threatening foreclosure. If
you are worried that you may lose your home, read about how we
can
Stop Foreclosure
now.
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Home Loan Modification
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The homeowner may request a change or
modification to the home loan from their lender (bank) when the
homeowner is behind on their mortgage (late on their house
payments). These changes, or
Home
Loan Modifications, make the mortgage payment (house
payment) more affordable so the homeowner can stay in their
home. A lender agrees to a home loan modification to avoid
costly expenses or losses associated with a foreclosure or short
sale.
If you are behind on your payments, a
Home Loan Modification
may help. Learn more now.
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Short Sale
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A short sale occurs when the homeowner
sells their house for less than they owe on the house and it can
only be done with the lender’s (bank’s) approval. The lender
generally agrees to this to avoid the large expenses involved
with foreclosure. The homeowner chooses a
short sale because it may
be less damaging to their credit than a foreclosure would be.
To learn more about short
sales, click
What is a short sale.
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These are the real estate terms Pueblo homeowners
ask us about the most. If you would like to talk to us about these or
other real estate terms and how they affect you and your home in Pueblo,
please give us a call. You can reach us, Colm and Arlene at
719-351-7198.
Call now for your FREE no obligation consultation
at (719)598-7545.
There are never any
fees, commissions
or charges of any kind to you.
More Real Estate Terms Pueblo Homeowners Need To Know:
Here are some additional real estate terms Pueblo
homeowners inquire about. This list is by no means exhaustive. We’ve
written the real estate definitions using common every day language so
you can easily apply the real estate terminology to your real life.
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Appraisal |
A document that estimates the market value
of your home as compared to other similar homes in the area. The
appraisal is prepared by an appraiser.
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Appraiser
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The person who performs an appraisal and
creates the appraisal document.
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Assessed Value
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The value of your home determined by the
county government so they can determine what your property taxes
will be.
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Assessor
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The public official who determines the
property values for homes in the county, thereby creating the
assessed value.
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Comparables
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A list of homes similar to yours in your
neighborhood that are currently for sale or have recently sold.
All the homes are compared to yours to determine the market
value of your home. Many real estate agents refer to this as
“comps”.
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Deed
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When you take out a home loan, you give the
lender (bank) a deed, a legal document that transfers the
ownership rights of your house to the bank.
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Deed of Trust
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A third party that holds the title to the
property. When you get a loan to buy your home, you give the
title to a public trustee (the “third party”. When you pay your
home loan in full, the public trustee returns the title to you.
If you default on your loan, the public trustee sells your home
to pay the loan.
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Default
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When you fail to make your loan payments or
fail to perform other requirements defined in your loan
agreement, you are “in default”.
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Delinquency
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When you stop making payments on your home
loan. This term is usually used when you are more than 30 days
late on your payments. At that point you are termed “delinquent”
on your loan.
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Easement
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A right someone has to use your property,
such as a road through your property that allows another person
to access their own property.
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Encumbrance
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A claim on your home such as a mortgage
(home loan), lien or easement.
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Equity
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The difference between what you owe and the
market value of your home. For instance, if you owe $100,000 on
your home loan and have no other loans or liens on the house and
your home is appraised at $150,000, then you have $50,000
equity.
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Eviction
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The legal process of removing someone from
a property. Usually performed by the sheriff.
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Forfeiture
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The loss of your property rights because
you did not comply with a contract such as a mortgage or home
loan.
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Gross Monthly Income
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The total income you made each month before
taxes.
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Hardship Letter
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A letter to the mortgage company (bank)
that briefly explains the reasons you are behind on your home
loan.
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Lien
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When someone has a claim on your property
for debt you owe, such as a mortgage (home loan) or a contractor
who performed home repairs for which you did not pay.
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Loan to Value (LTV)
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The percentage between the market value of
your house and the amount you owe the bank. If the value of your
home is $100,000 and you have a home loan of $80,000, the loan
to value or LTV is 80%.
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Market Value
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What your home should be able to sell for
in today’s market. The market value is what someone would be
willing to pay. The market value is usually calculated by an
appraiser.
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Mortgage
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A contract between a lender (bank) and home
buyer where the bank lends you money you need to purchase a
home. The house is used as collateral on the loan. You agree to
repay the loan with monthly payments.
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Mortgagor & Mortgagee
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When you get a loan from a bank, you are
called the mortgagor and the bank is called the mortgagee. The
motgagee (the bank) now has the right to sell the property
(because of a deed) should the mortgagor (homeowner) fail to
make mortgage payments (loan payments) or if the mortgagor
(homeowner) fails to comply with all the terms of the mortgage
agreement (loan contract).
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Public Trustee
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The county office that holds a deed of
trust.
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Redemption Period
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The time frame you have to reclaim the
rights to your home by paying the late bills and fees you owe on
the home.
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Title
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Proof that you own your home and that you
have the right to sell your home.
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We hope you have found this list of real estate
terms to be helpful. If you are struggling to make your house payments
and need someone to talk to about your home and your options, please
give us a call, Arlene and Colm, at (719) 598-7545.
Call now for your FREE no obligation consultation
at (719) 598-7545.
There are never any
fees, commissions
or charges of any kind to you.
*These real estate terms Pueblo homeowners need to know are here for
informational reasons only. They are not intended to be legal council,
advice nor are they valid as legal definitions in any court of law. They
are here to help you better understand real estate terminology. |
