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sale-leaseback
A technique in which a seller deeds property to a buyer for a consideration,
and the buyer simultaneously leases the property back to the seller.
second mortgage
A mortgage that has a lien position subordinate to the first mortgage.
secondary mortgage market
The buying and selling of existing mortgages.
secured loan
A loan that is backed by collateral.
security
The property that will be pledged as collateral for a loan.
seller take-back
An agreement in which the owner of a property provides financing, often in combination
with an assumssumssumssume. See owner financing.
servicer
An organization that collects principal and interest payments from borrowers
and manages borrowers' escrow accounts. The servicer often services mortgages
that have been purchased by an investor in the secondary mortgage market.
servicing
The collection of mortgage payments from borrowers and related responsibilities
of a loan servicer.
settlement sheet
See HUD-1 statement.
special deposit account
An account that is established for rehabilitation mortgages to hold the funds
needed for the rehabilitation work so they can be disbursed from time to time
as particular portions of the work are completed.
standard payment calculation
The method used to determine the monthly payment required to repay the remaining
balance of a mortgage in substantially equal installments over the remaining
term of the mortgage at the current interest rate.
step-rate mortgage
A mortgage that allows for the interest rate to increase according to a specified
schedule (i.e., seven years), resulting in increased payments as well. At the
end of the specified period, the rate and payments will remain constant for
the remainder of the loan.
subdivision
A housing development that is created by dividing a tract of land into individual
lots for sale or lease.
subordinate financing
Any mortgage or other lien that has a priority that is lower than that of the
first mortgage.
subsidized second mortgage
An alternative financing option known as the Community Seconds¨ mortgage
for low- and moderate-income households. An investor purchases a first mortgage
that has a subsidized second mortgage behind it. The second mortgage may be
issued by a state, county, or local housing agency, foundation, or nonprofit
corporation. Payment on the second mortgage is often deferred and carries a
very low interest rate (or no interest rate). Part of the debt may be forgiven
incrementally for each year the buyer remains in the home.
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.
sweat equity
Contribution to the construction or rehabilitation of a property in the form
of labor or services rather than cash.