A provision that allows the lender to call 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 notary.
The process by which a licensed person gives an estimate of property value.
The annual interest rate covering the interest and other costs. The Truth in Lending Act requires lenders to announce the APR.
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 mortgage balance.
The amount for a foreclosed property for sale at auction.
A title that is not burdened with encumbrances or defects.
A signed document that shows ownership in property and allows the transfer ownership of property from one party to another.
A transfer of title by the borrower to the mortgage company upon foreclosure.
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 promissory note.
A judgment against the borrower for the balance remaining after the property is sold at auction or foreclosure sale.
Mortgage, lien, tax, or any restriction on the use of land.
The value of real estate less the outstanding mortgages and debts pledged against the property.
The price that property would sell for on the market.
Common term used to indicate complete legal ownership of a property.
Federal Housing Administration under U.S. Department of Housing and Urban Development (HUD).
Legal action taken by the lender when the borrower fails to pay monthly installments.
Period between the due and the overdue date during which no late payment penalty applies to the mortgage payment.
Insurance against the destruction of the property.
A foreclosure that is processed by a court action.
A formal description of real property so that one can locate it by reference to government surveys or approved recorded maps.
A claim, or mortgage, on real estate for payment of debt.
A written pledge that uses real estate to secure repayment of a loan.
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.
An order signed by the judge confirming the sale of foreclosed property.
To publish, announce or advertise by physically attaching a notice to an object.
Paying off one mortgage loan by obtaining a new mortgage loan.
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.
A recorded document requiring a trustee to 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 document.
A deed showing ownership to real estate.
An auction of real property conducted by a trustee. Also referred to as a Sheriff’s Sale.
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