The Foreclosure Survival Guide

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.┬áThe 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.┬áThe lender originates the loan. Sometimes the lender is called the “mortgagee.”