Glossary of foreclosure terms: R
real estate agent: Licensed professional who acts for a principal who wishes to purchase, sell, or otherwise deal in real property.
real property: Land and all items attached to it, such as buildings. See also personal property.
Realtor®: Real estate agent who's a member of the National Association of Realtors®. Not every agent is a Realtor, and being a member doesn't impart any special knowledge or competence. However, listing access to most multiple listing systems is available only to Realtors.
recorder's office: Part of county government that facilitates the placement of documents into the public record. Documents so "recorded" are said to give constructive notice.
redemption: Foreclosed homeowner's payment of all money owed, plus costs and fees, to regain ownership after a sheriff's sale. See also redemption period and right of redemption.
redemption period: Time after a sheriff's sale in which the former homeowner is permitted to regain ownership through redemption. This period varies from state to state: See Chapter 10 in the book, "Face the Foreclosure Process," for details.
refinancing: The act of originating a new loan to pay off an old one.
Regulation Z: Colloquial term for the truth-in-lending form.
reinstate: To pay overdue money to a loan in default, together with fees and penalties, to return it to its previous state. Such an act is called reinstatement.
reinstatement period: Statutory time after the lender files a notice of default during which the borrower is permitted to escape further conflict and reinstate the loan by paying past-due amounts, fees, and penalties.
reorganization bankruptcy: See Chapter 13.
rescue artist: Dishonest person who claims to be able to help a borrower avoid or get out of foreclosure.
response: Legal filing given by a defendant in reaction to a complaint.
right of redemption: Right of a foreclosed homeowner to reclaim the home by paying off the entire loan, plus all fees and costs (including court costs for the foreclosure procedure).
right of rescission: Three-day period after a refinancing during which the borrower is permitted to nullify ("rescind") the loan contract.
