The Dmoonz field guide / 01

Big words.
Clear answers.

Housing has its own language. You shouldn’t need a dictionary to make your next move.

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The home & the money

Equity: The estimated property value minus debts secured against it. Selling costs also affect what you actually receive.
Payoff: The amount required to fully satisfy a loan as of a specific date; it can differ from the statement balance.
Lien: A legal claim against property securing a debt. It can affect sale, refinancing and title.
Title: Legal ownership of property and the rights or claims affecting that ownership.
Deed: The legal document used to transfer property ownership. Transferring a deed does not automatically remove mortgage obligations.
Closing: The transaction stage when required documents, funds and ownership transfer are completed.
Legal occupancy: The use and number of dwelling units permitted by applicable property records and rules. A rental advertisement or registration alone does not establish it.
Building registration: An owner’s filing with the relevant agency when required. It is separate from voucher approval, legal occupancy and inspection.
Inspection: A property review against the relevant program’s standards. Approval requirements vary by program.
Tax deduction: An eligible expense that reduces taxable income. It differs from a tax credit, and depends on tax rules and your circumstances.
Tax credit: An eligible amount applied against tax liability. Eligibility and how it is claimed vary.

Mortgage options

Servicer: The company managing your mortgage account and receiving payments. It may be different from the lender or loan owner.
Arrears: Payments that are overdue, such as missed mortgage payments, rent or taxes.
Loss mitigation: The process of reviewing alternatives to foreclosure, such as a modification, repayment plan or approved sale.
Forbearance: A temporary reduction or pause in mortgage payments. Missed payments are not automatically forgiven.
Loan modification: An agreed change to mortgage terms. Review the payment, balance, rate, term and total cost.
Repayment plan: An agreement to catch up missed payments over time. Ask how much is due in addition to regular payments.
Deferral: Postponing payment until a later date or event. It does not mean the debt disappears.
Refinancing: Replacing an existing mortgage with a new loan. Qualification, costs and loan terms matter.
Short sale: A lender-approved sale for less than the mortgage balance. It requires moving out; remaining debt needs an explicit written release.
Deficiency: The amount still unpaid when sale proceeds do not cover the debt. Ask whether the lender will waive collection in writing.
Waiver: An agreement to give up a right, such as collecting a deficiency. The exact written terms matter.
Deed in lieu: An approved transfer of the home to the lender as an alternative to foreclosure. Remaining debt and move-out terms need review.

Court & debt

Foreclosure: The legal process a lender uses to seek sale of property after a mortgage default. In New York, mortgage foreclosure generally goes through court.
Summons: A court document notifying you of a lawsuit and the requirement to respond.
Complaint: The court document stating the plaintiff’s claims. In a lawsuit, it is different from a consumer complaint to an agency.
Answer: A formal response to a lawsuit. Contacting the lender or attending a conference does not replace filing an Answer.
Settlement conference: A court meeting to discuss possible resolution of a foreclosure case. Other legal duties and deadlines still apply.
Default judgment: A judgment that may be entered after a party fails to respond or take required action. Seek legal help promptly.
Auction: A sale through competitive bidding. An application or appointment does not itself cancel a scheduled foreclosure sale.
Bankruptcy: A federal court process for eligible people or businesses to address debt. The chapter and individual circumstances determine its effects.
Chapter 7: A bankruptcy process that may discharge eligible debts and involve selling nonexempt assets. It does not itself create a mortgage catch-up plan.
Chapter 13: A bankruptcy repayment plan generally lasting three to five years. Eligible owners may catch up mortgage arrears while maintaining current payments.
Automatic stay: A legal pause on many collection actions triggered by bankruptcy filing. Exceptions and limits apply; a court can grant relief from the stay.
Discharge: A bankruptcy order releasing personal liability for certain debts. Some debts and property liens may remain.
Nonexempt assets: Property that bankruptcy law does not protect from administration or sale. An attorney must assess applicable exemptions.
Appeal: A request for review of a decision. Procedures and deadlines depend on the agency or court.

Housing & rent

Voucher: Rental assistance issued under a specific program. Approval, property requirements and household obligations depend on that program.
Section 8: A federal rental-assistance program. A housing agency administers the assistance under its program rules.
CityFHEPS: NYC rental assistance for eligible households to help find and keep housing. DSS determines eligibility.
FHEPS: Family Homelessness and Eviction Prevention Supplement, a rental-support program for qualifying families under its own rules.
SOTA: Special One-Time Assistance, a rental-assistance pathway for eligible NYC shelter households. Confirm current rules with the responsible caseworker.
HASA: HIV/AIDS Services Administration, an HRA program providing assistance to eligible clients under its rules.
Homebase: NYC homelessness-prevention services for eligible households facing housing instability.
HAP: Housing Assistance Payment, the program-administered rent assistance paid under the relevant agreement.
Rent reasonableness: A program review comparing proposed rent with comparable units. It is separate from the household’s voucher limit.
Tenant portion: The amount the household must pay toward rent under its approved program calculation.

Food & benefits

SNAP: Supplemental Nutrition Assistance Program: food-purchasing benefits for eligible households.
EBT: Electronic Benefit Transfer: the card system used to access benefits such as SNAP.
Cash Assistance: Financial assistance for eligible households’ basic needs. HRA reviews applications and program rules.
SSI: Supplemental Security Income: needs-based benefits for eligible people who are 65 or older, blind or have a qualifying disability.
Eligibility: Meeting a program’s rules. A screener, referral or application is not a final approval.

Who’s who

HUD: The U.S. Department of Housing and Urban Development. HUD-approved agencies offer free foreclosure-prevention counseling.
HOPP: New York’s Homeowner Protection Program, connecting homeowners with free counseling and legal-help resources.
HRA: NYC Human Resources Administration, which administers programs including SNAP and Cash Assistance.
DSS: NYC Department of Social Services, which includes HRA and DHS.
SSA: Social Security Administration, the federal agency that determines SSI eligibility and administers Social Security benefits.
DOF: NYC Department of Finance, which handles property-tax accounts and payment programs.
DEP: NYC Department of Environmental Protection, which handles water and sewer accounts.
PT AID: NYC Property Tax and Interest Deferral: payment options for eligible owners. Deferral is not forgiveness.
NYCHA: New York City Housing Authority, which administers public housing and its Section 8 program.
HPD: NYC Department of Housing Preservation and Development, which handles housing programs, property requirements and its Section 8 program.
HCR: New York State Homes and Community Renewal, the state housing agency responsible for several housing programs, including its Section 8 administration.
HSU: Home Support Unit, an HRA resource that works with property owners and housing-placement pathways.

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These definitions are a starting point. Your rights and eligibility depend on your circumstances. Official resources: CFPB · U.S. Courts · ACCESS NYC · Social Security.

Big words.Clear answers.