Read on to get an overview of the parties and terminology involved in a home loan transaction, find out the general steps in the foreclosure process, and learn about some defenses that might be available to you in a foreclosure.
Home Loan Transactions: Parties Involved
The key parties involved in most home loan transactions and foreclosures are:
- The borrower. The borrower is the individual (the homeowner) who borrows money and pledges the home as security to the lender for the loan. The borrower is sometimes called the “mortgagor.”
- The lender. The lender originates the loan. Sometimes the lender is called the “mortgagee.”