Attachment: A legal process allowing a creditor to "attach" a lien to property you own. State law determines what property may be attached. This property may include a home, car, bank account or wages. After a lien is attached, actions such as execution, garnishment and foreclosure may take place.
Charge-Off: A banking term for taking a loss on debt that has been discharged through bankruptcy.
Execution: The process of enforcement of a court order attaching a lien by taking and selling property. In case of eviction it involves the sheriff or a public official actually putting a tenant out of a property.
Foreclosure: The legal process that terminates ownership of a property that is collateral for a debt, such as a mortgage or deed of trust.
Garnishment: Seizure of wages by a creditor to pay a debt. A creditor usually must go to court to determine that you owe the debt. Only after the court orders you to pay, may a creditor obtain a part of your income from your employer or other third party.
Workout: A temporary or permanent agreement to change the terms of a debt. A workout may include a repayment agreement to catch up on past due amounts over time or may change the terms of the loan, such as reducing monthly payments while maintaining the original debt amount.