A limitation placed in a deed limiting or restricting the use of real property.

To avoid foreclosure (“in-lieu” of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt. This process does not allow the borrower to remain in the house, but helps avoid the time, effort, and costs associated with foreclosure.

A deed given by a mortgagor to a mortgagee to satisfy a debt and avoid foreclosure.

Breach or non-performance of a clause in a note or mortgage which, if not cured, could lead to foreclosure.

Upon payment in full to the lender, this clause in a mortgage requires the lender to “give back” his security interest in the property and issue to the borrower a recordable Satisfaction of Mortgage. This clause also prohibits the lender from foreclosing as long as the borrower complies with all the terms and conditions of the mortgage.

A personal judgment levied against the borrower for the balance of the mortgage debt when a foreclosure sale fails to generate funds sufficient to satisfy the debt.

The average number of dwelling units or persons per gross acre of land, usually expressed in units per acre, excluding any area of a street bordering the outside perimeter of a development site.

A loss of value in real estate brought about by age, physical deterioration, functional or economic obsolescence. Broadly, a loss in value from any cause; the opposite of appreciation.

Fannie Mae’s automated underwriting system designed to enable mortgage lenders to process loan applications efficiently and objectively.

Any area designated by the HUD Secretary as an area that has high construction, land, and utility costs relative to the area median gross income.

Authorization provided to an approved lender to originate and underwrite FHA insured loans without obtaining approval from the FHA FHA prior to funding the loan.

The sale of a note for less than its face value. The purpose of a discount is to adjust the annual yield on the note.

One percentage of the face amount of the loan. Discount points are a one-time charge assessed at closing by the lender to increase the yield to a competitive level.

The flow of funds out of savings institutions into short-term investments in which interest rates may be higher. This shift normally results in a new decrease in the amount of funds available for long-term real estate financing.

A tax by the Florida Department of Revenue on deeds of conveyance and mortgage notes.

Provides complete documentation of the development of the income limits and median family incomes (since 2007), as well as fair market rents (since 2005), for any area of the country.

A form of acceleration clause that gives a lender the option to call a mortgage loan due upon the sale or transfer of the property. A mortgage with a Due-On-Sale clause is not assumable.

A right or interest in the land of another entitling the easement holder to a specific limited use, such as installing power and telephone lines, or crossing over the property. Ingress is the right to enter upon another’s land, whereas egress is the ability to move about and exit unchallenged from that land. While size and location are important aspects of an easement, the age is immaterial.

Electronic mailing list (eList) available from HUD USER to assist in disseminating research information, and to encourage subscribers to share information and exchange ideas with one another.

A federal CPD program grant designed to help improve the quality of existing emergency shelters for the homeless, to make additional shelters available, to meet the costs of operating shelters, to provide essential social services to homeless individuals, and to help prevent homelessness. ESG also provides short-term homeless prevention assistance to persons at imminent risk of losing their own housing due to eviction, foreclosure, or utility shutoffs.

An exercise of the power of government or quasi-government agencies (such as airport authorities, highway commissions, community development agencies, and utility companies) to take private property for public use.

Empowerment Zones and Enterprise Communities are part of The Empowerment Zones and Enterprise Communities (EZ/EC) program. The Empowerment Zones and Enterprise Communities (EZ/EC) program was designed by the federal government to encourage comprehensive planning and investment aimed at the economic, physical, and social development of the neediest urban and rural areas in the United States. Under the initial round of funding announced in December 1994, 71 urban sites received EZ/EC designation. The major share of the federal funding went to the six sites designated as Empowerment Zones (EZs) and the remaining funds went to Enterprise Communities (ECs). Although considerable latitude has been afforded to these sites regarding the selection of specific strategies and activities to pursue, each funded community’s efforts at zone transformation were expected to reflect four key principles: (1) economic opportunity; (2) community-based partnerships; (3) sustainable community development; and (4) a strategic vision for change.

A physical intrusion upon the property of another. It is usually revealed by a survey.

Items that affect or limit the fee simple title such as mortgages, leases, easements, and restrictions.

Any process that identifies and specifies the energy and cost savings likely to be realized through the purchase and installation of particular energy efficiency measures or renewable energy measures.