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Real Estate Dictionary

Welcome > Resources > Real Estate Dictionary - A

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Q

Quiet title

A court action to remove a claims or objections of other parties on a title

Quitclaim deed

A deed that releases whatever interest or title a grantor may hold in a property, without claiming any obligations or warranties

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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Real Estate Tips

Foreclosures >4. Foreclosure Alternatives

There are several alternatives for a homeowner to consider when foreclosure is looming. Before proceeding, a homeowner must first choose whether or not he or she wants to keep his or her home.

If a homeowner wants to keep their home:

Repayment plan: The homeowner establishes a payment schedule with the lender to pay the delinquent amount.

Special forbearance plan: The homeowner requests a temporary reduction or payment suspension that will be increased after a set specific period of to repay the delinquent amount.

Modifying the mortgage: The homeowner can refinance the debt and/or extend the term of the loan.

HUD partial claim: If the homeowner has a loan insured by the Federal Housing Administration the lender can get a one time payment from the FHA-Insurance Fund to get the mortgage payments up to date.

Refinance: The homeowner can negotiate a new loan with a different interest rate in order to make smaller payments.

All options listed are subject to approval of the lender.

If a homeowner does not want to keep their home:

Sell the house: Depending on the situation, the homeowner may be able to sell the house for more than is owed to the lender.

Assumption: The homeowner turns over possession of the house to another person who then assumes the responsibility of the payments.

Short sale: The lender and the homeowner come to an agreement to sell the home at a loss in order to get the homeowner out.

Pre-foreclosure sale: The homeowner can sell the home and use the proceeds to settle the mortgage debt, even if the proceeds are less than the amount owed.

Deed in Lieu of Foreclosure: The homeowner surrenders the property to the lender without further damage to his or her credit.

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Real Estate Trivia

Q	What is the world's oldest wooden structure?
A	The oldest wooden buildings are the Pagoda, Chumanar Gate and Temple of Horyu in Nara, Japan, dating from A.D. 670.
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Mike and Amy King, REALTOR®, real estate agent and broker for Montgomery County, Howard County, Silver Spring, Rockville and Olney, Maryland home listings, property and land for sale - NUMBER1EXPERT

Mike and Amy King
King Real Estate, Inc.
15308 Morningmist Ln
Silver Spring, Maryland 20906
Office: 240-242-4346
Amy's cell: 301-467-1877
Mike's cell: 301-467-5677
David's cell: (301) 706-8254
Fax: 301-598-1446
Email: king@NUMBER1EXPERT.com
Real Estate License: 5191
Amy's email: amyking@mris.com
Mike's email: mking@mris.com
David's email: dnmarshall@hotmail.com
Amy & Mike King have 24 years of combined experience in the Real Estate, Mortgage and Home Building industries! Their specialty is Real Estate in Montgomery County, but also have extensive experience in Howard and Price Georges counties. They are #1 when it comes to helping families make a smooth transition when moving here. Amy & Mike are a successful team who work together with you and for you!

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