Foreclosure is a legal process that allows creditors to recover the amount owed on an unpaid loan by taking ownership and selling the mortgaged property.
A fully amortizing payment is a periodic loan payment that is made in accordance with a schedule that ensures its repayment by the end of the loan term.
The Government National Mortgage Association is a federal corporation that guarantees principal and interest payments on mortgage-backed securities issued by approved lenders.
A Staged Payment Mortgage (GPM) is a type of fixed-rate mortgage with an amortization schedule that has lower payments early on that then increase over time.