Default
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.

Condominium
A form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex the owner also shares financial responsibility for common areas.

RESPA Real Estate Settlement Procedures Act
A law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs practices and relationships

Cap
A limit such as that placed on an adjustable rate mortgage on how much a monthly payment or interest rate can increase or decrease.

HVAC Heating Ventilation and Air Conditioning
A homes heating and cooling system.

Loan
Money borrowed that is usually repaid with interest.

Principal
The amount borrowed from a lender doesnt include interest or additional fees.

Interest rate
The amount of interest charged on a monthly loan payment usually expressed as a percentage.

Judgment
A legal decision when requiring debt repayment a judgment may include a property lien that secures the creditors claim by providing a collateral source.

HUD
The U.S. Department of Housing and Urban Development established in 1965 HUD works to create a decent home and suitable living environment for all Americans it does this by addressing housing needs improving and developing American communities and enforcing fair housing laws.