ATTACHMENT >> A legal process whereby the judgment creditor may obtain a lien against the debtor’s property.

ATTORNEY CLOSINGS >> This practice is prevalent in states where attorneys’ opinions are used in place of title reports. Closings by attorneys follow much the same procedures as escrow closings. The lender delivers to the attorney the settlement statement and the net loan proceeds, as well as instructions for their use.

ATTORNEY IN FACT >> A person given the authority to act on behalf of another under a power of attorney.

BALLOON PAYMENT >> A large payment due at the end of a loan contract. Equal to the remaining principal balance plus any interest and charges due.

BANKRUPTCY (BK) >> Court proceedings to relieve the debts of an individual or business unable to pay its creditors.

BENEFICIARY >> The entity or lender that funds the loan and to which the loan is owed.

BORROWER >> One who borrows money and is responsible for repaying it to the lender. Also known as obligor. If the loan is secured by a mortgage, the borrower is known as a mortgagor.