Title: The documented evidence that a person or organization has ownership of real property. Trust: A relationship in which one person holds title to property, subject to an obligation to keep or use the property for the benefit of another. Underwater: The condition of having negative equity or owing more on the property than the property is worth. Underwriting: The process of examining all the data about a homeowner’s property and income documentation to determine whether the mortgage commitment should be issued. The person who does this is called an underwriter. Unpaid Principal Balance (UPB): Amount of a loan that is due to the lender. This does not include additional charges, such as interest. Workout: A way to resolve or restructure a loan to prevent a homeowner from going into foreclosure through a loan modification, forbearance or short sale.
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