Second Mortgage - An additional loan imposed on property with a first mortgage. Generally at a higher interest rate and shorter terms than a "first" mortgage.
Settlement - Another name for closing.
Special Assessments - A tax for a specific purpose such as providing paved or new sewers. People whose properties about the improved streets or tie into the new sewer system must pay the tax.
Special Forbearance - A loss mitigation option where the lender arranges a revised repayment plan for the borrower that may include a temporary reduction or suspension of monthly loan payments.
Subordinate - To place in a rank of lesser importance or to make one claim secondary to another.
Survey - A property diagram that indicates legal boundaries, easements, encroachments, rights of way, improvement locations, etc.
Sweat Equity - Using labor to build or improve a property as part of the down payment.
Real Estate Headquarters Co.,
20 NE Hogan Drive, Gresham, OR 97030
Equal Housing Opportunity. Real Estate Headquarters Co. is licensed in the state of OR. All information provided is deemed reliable but is not guaranteed and should be independently verified. 