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Glossary of Foreclosure Terms
Banks will often shower you with confusing terms and legal language. It's
important that you be an informed consumer. below is a list of commonly used
terms that you should be familiar with when dealing with your lender and/lawyer.
Of course, you could always hire a Foreclosure Mitigation Company to represent
you and help save your home. We deal with these same lenders on a daily basis
and know how to get the job done.
A provision that allows the lender to demand the entire balance of the mortgage
loan when the borrower
fails to make some installment payments.
A written statement, usually given while under oath or in the presence of a
Annual Percentage Rate (APR). The annual interest rate covering the interest and
other costs. The
Truth in Lending Act requires announcement of APR by lenders.
The process by which a licensed person gives an estimate of property value.
The difference between the increased value of the property and the original
The transfer of property to be held in trust or to be used for the benefit of
the creditors (lenders).
Large installment payment required at the end of the term of the mortgage note
to pay off the entire
The amount for a foreclosed property for sale at auction.
Certificate of Sale
A document issued to the winning bidder at a foreclosure sale stating their
rights to the property once
the borrowers redemption period has expired.
A title that is not burdened with defects.
A bid on behalf of the lender at a foreclosure sale. The bid amount must be less
than or equal to the
balance of the loan in default.
A judicial decision.
A signed document that shows ownership in property and allows the transfer
ownership of property
from one party to another.
Deed-in-lieu of Foreclosure
A voluntary transfer of title by the borrower to the mortgage company to avoid
Deed of Trust
An instrument signed by a borrower, lender and trustee that conveys the legal
title to real property as
security for the repayment of a loan. The written instrument in place of
mortgage in some states.
A mortgage is in default when the borrower fails to make the payments as agreed
to in the original
A judgment against the borrower for the balance remaining after the property is
sold at auction or
Mortgage, lien, tax, or any restriction on the use of land.
The present right to possession with the right to acquire legal title once a
preceding condition has been
The value of real estate less the outstanding mortgages and debts pledged
against the property.
Fair Market Value
The price a property would sell for on the open market.
Common term used to indicate complete legal ownership of a property.
Federal Housing Administration under U.S. Department of Housing and Urban
The forced sale of property pledged as security for a debt that is in default.
Free & Clear
Ownership of property free of all indebtedness.
Period between the due and the overdue date during which no late payment penalty
applies to the
Insurance against the destruction of the property.
A foreclosure that is processed by a court action.
A charge upon real or personal property for the satisfaction of a debt.
A formal description of real property so that one can locate it by reference to
government surveys or
approved recorded maps.
A person who lends money for temporary use on condition of repayment with
interest (i.e., the bank,
mortgage company, etc.).
A recorded notice of pending lawsuit.
A written pledge of property that is used as security for the repayment of a
Non-judicial foreclosure is when a power of sale clause exists in a mortgage or
deed of trust. A "power
of sale" clause is the clause in a deed of trust or mortgage, in which the
borrower pre-authorizes the
sale of property to pay off the balance on a loan in the event of their default.
A public officer licensed by the state to attest to and certify the validity of
signatures of others. A notary
is often referred to as a notary public.
Notice of Sale
A notice giving specific information about the loan in default and the
proceedings about to take place.
This notice must be recorded with the county where property is located and
advertised as stated in the
security document or as dictated by state law.
Property other than real property consisting of things temporary or movable.
To publish, announce or advertise by physically attaching a notice to an object.
Postponement means to put off to a later time. In the case of a foreclosure
sale, this is generally done
by announcement at the original sale or by posting notices establishing the new
date and time the
foreclosure sale will take place.
Paying off one mortgage loan by obtaining a new mortgage loan.
Right of Redemption
A borrower's right to reacquire property lost due to a foreclosure. This right
allows the owner to recover
property lost to a foreclosure judgment, or sold after a foreclosure sale,
within a certain period of time.
The redemption period varies among the states.
Request for Notice
A recorded document requiring a trustee send a copy of a Notice of Default or
Notice of Sale
concerning a specific deed of trust in foreclosure to the person who filed the
A sale where the lender will agree to accept less than the full amount of the
mortgage. This allows you
to sell the house to an investor or other buyer for a good price, while the
lender recovers the bulk of the
amount due without having to pursue foreclosure proceedings.
The purchase of a property with an existing lien against the title without
assuming any personal liability
for the liens payment.
The instrument that is evidence of a person's right in real property (i.e., a
A neutral party who advertises the foreclosure property for sale and conducts
the auction to sell said
property to the highest bidder.
Trustee Sale (Sheriff Sale)
An auction of real property conducted by a trustee. Also known as a Sheriff's
A recorded bid placed after a foreclosure sale has ended that is higher than the
highest bid received at
the actual foreclosure sale.
An order or mandatory process in writing issued in the name of a court or
judicial officer commanding
the person to whom it is directed to perform or refrain from performing a
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