S Glossary Terms

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SALES CONTRACT
A written agreement between a buyer and seller stating the terms and conditions of a sale or exchange of property.

SECOND MORTGAGE
A mortgage that has a lien position subordinate to the first mortgage.

SETTLEMENT SHEET
A computation of closing costs that determines the seller’s net proceeds and the buyer’s payment.

SHORT SALE
An agreement with the lender to allow the borrower to sell the home for less than the amount owed. 

SPECIAL FOREBEARANCE
A relief provision that permits a period of reduced or suspended payments, followed by another period of larger-than-normal payments, to enable the borrower to cure a delinquency.