Foreclosure & Distressed Right of Redemption The borrower’s statutory ability to redeem the property after foreclosure by paying the debt.
Foreclosure & Distressed Short Sale A sale where the lender agrees to accept less than the loan balance to release the lien.
Foreclosure & Distressed Statutory Redemption Redemption rights provided by state law after a foreclosure sale.
Foreclosure & Distressed Strict Foreclosure A type of foreclosure in some states where the property goes directly to the lender without auction.
Foreclosure & Distressed Surplus Funds Money left over after a foreclosure sale satisfies the loan, owed to the former owner.
Foreclosure & Distressed Trustee Sale A public auction of foreclosed property conducted by a trustee.
Insurance & Risk Actual Cash Value (ACV) Replacement cost minus depreciation — what the property is worth today.
Insurance & Risk Builder’s Risk Insurance Coverage protecting a structure under construction from damage.
Insurance & Risk Builders Risk Course of Construction Coverage during the construction period for materials and work in progress.
Insurance & Risk Captive Insurance Self-insurance through a subsidiary insurance company owned by the insured.
Insurance & Risk Coinsurance Penalty A reduction in claim payment when a property is insured for less than its required percentage of value.
