REAL ESTATE TERMS

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There are currently 6 names in this directory beginning with the letter S.
SECOND MORTGAGE
A mortgage that has a lien position subordinate to the first mortgage.

SECURED LOAN
A loan that is backed by collateral- financial assets you own, like a home or a car—that can be used as payment to the lender if you don't pay back the loan.

SELLER TAKE-BACK
An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.

SERVICER
An organization that collects principal and interest payments from borrowers and manages borrowers' escrow accounts on behalf of a trustee.

SHORT SALE
A sale of secured property that produces less money than is owed to the lender, but in order to expedite the sale and avoid foreclosure expense, the lender releases its interest so the property can be sold.

SURVEY
A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.