Foreclosure glossary in English and Spanish

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AccelerationAceleración

When the lender declares the whole loan balance due at once because of a default.

Acceptance periodPlazo para aceptar

The time the servicer must give you to accept or reject an offer — at least 14 or 7 days depending on timing.

Appeal (loss mitigation)Apelación (ayuda hipotecaria)

A request that different servicer staff review a denied loan modification; available in some cases within 14 days of the decision.

Appraisal district (CAD)Distrito de tasación (CAD)

The county office that lists each property’s owner of record, value and exemptions for property taxes.

ArrearsAtrasos

The past-due amount: missed payments plus allowed late charges and fees.

Assignment of deed of trustCesión de la escritura de fideicomiso

A recorded document that transfers the lender’s rights under the deed of trust to someone else.

Automatic staySuspensión automática

The court order that takes effect when a bankruptcy is filed and pauses most collection, including foreclosure.

BeneficiaryBeneficiario

In a deed of trust, the lender (or whoever now holds its rights) that the property secures.

Cash for keysDinero por llaves

Money a new owner pays an occupant to move out by a date instead of going through eviction.

Chapter 13Capítulo 13

A bankruptcy repayment plan (3–5 years) that can let a homeowner catch up mortgage arrears.

Complete applicationSolicitud completa

An application where the servicer has everything it requires to evaluate you. The servicer’s acknowledgment letter lists what is missing.

County clerkSecretario del condado

The county office that records deeds, deeds of trust and assignments and receives notices of sale.

Credit reportReporte de crédito

Your payment history as reported by lenders to the credit bureaus; free copies at annualcreditreport.com.

Cure (the default)Subsanar (el incumplimiento)

Paying what is needed to end a default within the time a notice of default gives (at least 20 days in Texas).

Debt-to-income ratio (DTI)Relación deuda-ingreso (DTI)

Monthly debt payments divided by gross monthly income; servicers use ratios like this to judge affordability.

DeedEscritura

The document that transfers ownership of real property.

Deed in lieu of foreclosureEscritura en lugar de ejecución

Voluntarily signing the home over to the lender to release the loan instead of a foreclosure sale.

Deed of trustEscritura de fideicomiso

The recorded document that makes the home security for the loan and gives a trustee the power to sell it after a default.

DefaultIncumplimiento

Failing to keep a promise in the loan papers, most often missing payments.

DeficiencyDeficiencia

The amount still owed if a sale brings in less than the debt. In Texas a suit for it must be brought within two years of the sale.

DelinquencyMorosidad

Being behind on payments; counted from the first missed due date.

Early interventionIntervención temprana

The servicer’s required outreach by day 36 (live contact) and day 45 (written notice) of a delinquency.

EquityValor líquido (equity)

The home’s value minus everything owed against it.

EscrowDepósito en garantía (escrow)

An account the servicer uses to pay property taxes and insurance from part of your payment.

Eviction (forcible detainer)Desalojo (retención forzosa)

The justice-court case a new owner files to get possession after a foreclosure sale.

Excess proceeds (surplus)Excedente (sobrante)

Money left from a foreclosure sale after the debt and costs are paid; it may belong to junior lienholders and then the former owner.

FHA loanPréstamo FHA

A mortgage insured by the Federal Housing Administration (HUD), which sets its own loss-mitigation options.

First notice or filingPrimer aviso o trámite

The first document required by law to start a foreclosure; Reg X bars it until a loan is more than 120 days delinquent.

Flex ModificationModificación Flex

The Fannie Mae / Freddie Mac standard loan modification.

ForbearanceIndulgencia

A temporary pause or reduction of payments; the skipped amount is still owed.

ForeclosureEjecución hipotecaria

The process a lender uses to sell a home to pay a defaulted loan.

Foreclosure consultantConsultor de ejecución

A person paid to help stop or delay a foreclosure; Texas law limits what they may do and charge (Bus. & Com. Code ch. 21).

HardshipDificultad económica

The event that made the payment unaffordable, such as job loss, illness or divorce.

HeirHeredero

A person who inherits property when the owner dies.

HOA (property owners’ association)HOA (asociación de propietarios)

An association that charges assessments and, in Texas, may foreclose its lien only with court involvement.

Home-equity loan (Texas)Préstamo home equity (Texas)

A loan against the homestead under Tex. Const. art. XVI §50(a)(6); it can be foreclosed only by court order.

HomesteadResidencia protegida (homestead)

The home you live in, which Texas law protects from most creditors.

HUD-approved housing counselorConsejero de vivienda aprobado por HUD

A free or low-cost nonprofit counselor who can help you apply and talk with the servicer.

Imminent defaultIncumplimiento inminente

When you are still current but are about to fall behind; some programs can review you before you miss payments.

Investor (owner of the loan)Inversionista (dueño del préstamo)

The entity that owns the loan (for example Fannie Mae or a trust). Its rules decide which options exist.

Junior lienGravamen posterior

A lien that ranks behind the first mortgage, such as a second loan or some HOA liens.

LienGravamen

A legal claim against property that secures a debt.

Loan modificationModificación del préstamo

A permanent change to the loan terms to make the payment affordable.

Loss mitigationMitigación de pérdidas

The servicer’s options to avoid foreclosure, such as repayment plans, modifications, short sales and deeds in lieu.

MERSMERS

Mortgage Electronic Registration Systems, a private registry that can appear on a deed of trust as a nominee; its ServicerID site shows who services a loan.

MIN (MERS number)MIN (número MERS)

An 18-digit number on many deeds of trust used to look the loan up in MERS.

Mortgage servicerAdministrador hipotecario

The company that collects payments and handles loss mitigation; it may not own the loan.

Net sheetHoja neta

An estimate of what a sale would pay out after the loan payoff, commissions and closing costs.

Notice of defaultAviso de incumplimiento

The certified-mail letter giving at least 20 days to cure before a sale can be noticed in Texas.

Notice of error (RESPA)Aviso de error (RESPA)

A written notice telling a servicer it made a servicing error; it must respond within set times.

Notice of saleAviso de venta

The notice posted at the courthouse, filed with the county clerk and mailed at least 21 days before a Texas foreclosure sale.

Notice to vacateAviso para desocupar

The written notice a new owner must give before filing an eviction — 3 days for a former owner, 30 days for many tenants.

PACERPACER

The federal courts’ online records system, including bankruptcy cases.

Partial claimReclamo parcial

A no-interest second lien (to HUD or VA) that covers past-due amounts, repaid when the home is sold or refinanced.

Payment deferralAplazamiento de pagos

A Fannie Mae / Freddie Mac option that moves missed payments to a non-interest balance due at the end of the loan.

Payoff quoteCotización de liquidación

The amount needed to pay the loan in full by a given date.

PostponementAplazamiento de la venta

Moving a scheduled sale to a later date; a new notice is usually required for a new month.

Promissory notePagaré

The borrower’s written promise to repay the loan; the deed of trust secures it.

Protecting Tenants at Foreclosure ActLey de Protección de Inquilinos en Ejecuciones

A federal law giving many bona fide tenants at least 90 days’ notice after a foreclosure.

Qualified written request / request for informationSolicitud escrita calificada / solicitud de información

A written request to the servicer for information about the loan, which it must answer within set times.

Regulation XRegulación X

The federal mortgage-servicing rules under RESPA (12 C.F.R. part 1024), including the loss-mitigation timelines.

ReinstatementRestablecimiento

Paying the full past-due amount so the loan returns to normal.

Relocation assistanceAyuda para mudanza

Money some programs pay to help you move after a short sale or deed in lieu.

Repayment planPlan de pagos

Paying the normal payment plus an extra amount until caught up.

RESPARESPA

The Real Estate Settlement Procedures Act, the federal law behind Regulation X.

Reverse mortgageHipoteca inversa

A loan for homeowners 62+ that is repaid when the borrower dies, moves or fails to pay taxes and insurance.

Right of redemption (HOA)Derecho de redención (HOA)

In Texas, after an HOA foreclosure, the owner may buy the home back within 180 days after the association mails notice of the sale.

SCRASCRA

The Servicemembers Civil Relief Act; a sale during or within one year after military service needs a court order in many cases.

Short saleVenta corta

A sale where the lender accepts less than the amount owed.

Substitute trusteeFiduciario sustituto

The person appointed to conduct the foreclosure sale in place of the original trustee.

Successor in interestSucesor en interés

A person who received the home through death, divorce or a family transfer; once confirmed, treated as a borrower for servicing rules.

Trial period planPlan de prueba

Usually three payments at the new amount before a modification becomes permanent.

Trustee’s saleVenta por el fiduciario

The public auction on the first Tuesday of the month between 10 a.m. and 4 p.m. at the place the county designates.

Writ of possessionOrden de posesión

The court order, issued no earlier than the 6th day after an eviction judgment, that lets an officer remove occupants after a 24-hour posted warning.