lien. The protection demand for a house provided so you’re able to a home loan company or other collector which may be used whether your loan is perhaps not paid off according to decided terminology. Basic liens possess basic turn to the property. 2nd and next liens stand behind and are also faster safe than simply the first (i.elizabeth., they merely get paid or no money appear after the earliest lien proprietor is totally paid back).
loan mod, or mod. A loss of profits mitigation device where financial adjustment the first terms of a mortgage on the delinquent borrower’s choose and so the borrower normally restart and make monthly installments. Loan adjustment have a tendency to dump loss and are also cheaper to have servicers and you will investors than simply property foreclosure, which are cumbersome and costly. Read more