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Joe Zaky
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JZaky@
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Trouble Making Payments?
Alternatives to Foreclosure

Important Terminology

You may have heard these terms many times before but may not be clear on what they mean.
Below are a few definitions that are important to know. 

Customer Workout – Process where a servicer and a borrower develop a mutual agreement to resolve a
loan 
default and avoid foreclosure.

Default – The failure of the borrower to make the loan payments as agreed in the promissory note or
workout plan.

Delinquency – A loan payment that is overdue but within the period allowed before actual default is 
declared.

Foreclosure - The legal process by which an owner’s right to a property is terminated, usually due to default.
The mortgage lender sells at auction the property that secures a loan on which a borrower has defaulted.
Typically, ownership of the property is transferred to the financial institution. The institution will market and
list for sale the property to recover the monies owed to them.

Investor – The entity that owns the loan. Oftentimes, the lender will sell your loan to another entity after
closing. Most likely, the investor is not the same as the servicer or the lender. The servicer must follow the
investor’s guidelines for servicing the loan and resolving delinquencies.

Lender – The entity that gave you the mortgage loan. It may not be the same entity to whom you send
your payments.

Servicer – The entity to whom you send your monthly payments. The lender has contracted with the servicer
to handle your loan after closing. The servicer is your contact for any issues you have with your mortgage
loan. Also called loan servicer or mortgage servicer.

Servicing - The administration of the loan by the servicer from the time you obtain your mortgage loan until
it is paid off. Administration of a loan includes the collection and application of payments, payment of
insurance and real estate taxes, maintaining records of payments and balances and working with the borrower
to resolve delinquencies.


IMPORTANT NOTICE: Long Realty Company is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer 
and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating. Homeowner acknowledges 
that Broker/Agent is not qualified to provide financial, legal, or tax advice. Therefore, the Seller is advised to obtain professional tax advice and consult independent 
legal
 counsel immediately regarding the tax implications and advisability of entering into a short sale agreement. Long Realty Company does not charge an additional fee or
commission for its Mortgage Assistance Relief services. However, upon the successful sale of your property a commission will be paid to Long Realty Company per the terms of your Listing Agreement.