Terms Used In Alabama Code > Title 38 > Chapter 9E - Protecting Alabama's Elders Act. Transferred

• ALABAMA HOME BUYERS INITIATIVE: A program that includes a conventional mortgage program not to exceed one billion dollars ($1,000,000,000) in aggregate loan amount to be administered by the program administrator, under which single family mortgage loans, as defined in Section 24-1A-2, are purchased by the program administrator and sold to the initial holder, and one or more alternative housing programs. See Alabama Code 24-1A-42
• ALTERNATIVE HOUSING PROGRAM: Any program or other activity that is certified to the State Treasurer by the program administrator under Section 24-1A-44(c)(2), that will be administered by the program administrator, and that will promote home ownership in Alabama, including, without limitation, the establishment of reserve funds for housing initiatives, the payment of mortgage insurance premiums, and the establishment and administration of homeowner education programs. See Alabama Code 24-1A-42
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• authority: The public corporation and instrumentality of the state organized pursuant to the provisions of this chapter. See Alabama Code 24-1A-2
• BOARD OF DIRECTORS: The board of directors of the authority. See Alabama Code 24-1A-2
• bonds: Bonds or other securities representing an obligation to pay money. See Alabama Code 24-1A-2
• CERTIFIED AMOUNT: The dollar amount of funds on deposit in the mortgage guarantee fund that is certified to the State Treasurer by the program administrator under Section 24-1A-44(c)(1) as available for an alternative housing program. See Alabama Code 24-1A-42
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• ELIGIBLE PROPERTIES: Both newly constructed residences and existing homes. See Alabama Code 24-1A-42
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• FORECLOSURE BALANCE: The sum of (a) the unpaid principal balance of a qualified mortgage loan, (b) any interest accrued thereon through the date of foreclosure, and (c) foreclosure expenses, which shall include attorney fees, title work, recording or filing fees, escrow advances, and other actual expenses associated with a foreclosure sale. See Alabama Code 24-1A-42
• FORECLOSURE LOSS: The foreclosure balance for a qualified mortgage loan less its resale proceeds. See Alabama Code 24-1A-42
• holder: Any person that owns a qualified mortgage loan. See Alabama Code 24-1A-42
• investor: The holder of a qualified mortgage loan on the date on which a foreclosure loss occurs with respect to such loan. See Alabama Code 24-1A-42
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• MORTGAGE GUARANTEE FUND: The fund established under Section 24-1A-43. See Alabama Code 24-1A-42
• MORTGAGE GUARANTEE FUND FEE: A fee equal to one percent (1%) of the sales price of each home financed with a qualified mortgage loan under the Alabama Home Buyers Initiative. See Alabama Code 24-1A-42
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• MORTGAGE LOANS: Notes and other evidences of indebtedness secured by mortgages. See Alabama Code 24-1A-2
• person: Any individual, trust, estate, corporation, association, partnership, limited liability company, or other entity of any kind. See Alabama Code 24-1A-42
• PROGRAM ADMINISTRATOR: The Alabama Housing Finance Authority. See Alabama Code 24-1A-42
• QUALIFIED MORTGAGE LOAN: A mortgage loan secured by an eligible property originated under the Alabama Home Buyers Initiative. See Alabama Code 24-1A-42
• RESALE PROCEEDS: The net sales proceeds from the remarketing or resale of a residence following a foreclosure sale conducted under a qualified mortgage loan, which shall be equal to the sales price received in an arm's length sale less closing costs, commissions, property preservation, and reasonable and customary expenses associated with the sale of a residential property. See Alabama Code 24-1A-42
• state: The State of Alabama. See Alabama Code 24-1A-2
• United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
• writing: includes typewriting and printing on paper. See Alabama Code 1-1-1