A basement suite, also known as an accessory apartment, is a separate living area typically located in the basement of a single-family home. It usually includes sleeping, cooking, and bathroom facilities.
A homestead exemption is a legal provision that helps reduce the amount of property taxes on domiciles owned by qualifying individuals. These exemptions can vary by jurisdiction and may provide additional benefits for certain groups such as seniors or disabled individuals.
Loan modification refers to changes made to the original terms of an existing loan agreement between the lender and borrower, usually to prevent foreclosure and provide financial relief to the borrower.
The Mortgage Interest Deduction is a tax incentive for homeowners which allows them to deduct interest paid on a mortgage of their primary residence or secondary residence from their taxable income.
A property tax deduction allows homeowners to deduct property taxes assessed on their real estate holdings from their annual income taxes, reducing overall tax liability.
Shadow inventory refers to the potential supply of homes that are kept off the market by their owners or banks, waiting for more favorable market conditions such as improved demand and higher prices.
Wrongful foreclosure occurs when a lender improperly or illegally forecloses on a borrower’s property. This type of foreclosure typically arises due to failure to follow correct legal procedures or agreements made between the lender and the borrower.
