March 16, 2007 at 9:10 AM #8617nooneParticipant
There are a lot of acronyms and abbreviations used in these forums. Sometimes I know what they mean, sometimes I don’t. Believing that there are others in the same situation, I thought it would be a good idea to set up a glossary of these. Perhaps this should also include some of the terms used that are not acronyms, but may be unfamiliar to many readers.
Please add any more that you think might be useful, and please correct any that are wrong.
Also if this already exists somewhere on the site let me know, since there is no need to duplicate it.
FB F***ed Borrower. Buyer in a toxic mortgage, esp. when it resets. Upside-down borrower.
FSBO For Sale By Owner. Seller does not want to pay Realtor’s fees so they try to sell their home on their own.
GF Greater Fool. Buyer you find who pays for your overpriced house, generally in a sellers market.
NOD Notice of Default. Borrower has missed one or more loan payments. Beginnings of a foreclosure, but does not necessarily end in foreclosure.
NOS/NOT Notice of Trustee Sale. Property is going to be sold by the lender, usually at auction.
REO Real Estate Owned. Property has been foreclosed on and is now owned by the lender.
Upside-down borrower Borrower who owes more on a loan than the collateral asset (home) is worth.March 16, 2007 at 2:37 PM #47829CritterParticipant
LTV Loan to value – the amount of the loan compared to the current worth of the property. Ie, an 80% LTV on a $500K property would be a loan of $400K.
REIC Real Estate Industrial Complex
MSM Mainstream media – ie, newspapers, radio stations, magazines, TV stations – when news hits these sources the public tends to take it more seriously.
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