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Foreclosure Terminology

Accelerate
An option given to lenders through an "acceleration" clause in the mortgage or deed of trust requiring the borrower to pay the entire balance of the loan all at once if their loan is in default.

Affidavit
A sworn statement in writing usually given while under oath or in the presence of a notary.

Appraisal
The process in which a licensed or authorized person gives an estimate of property value.

Appreciation
The difference between the increased value of the property and the original value.

Assignment
The transfer of property to be held in trust or to be used for the benefit of the creditors (lenders).

Bid
The offered amount for a property for sale at auction.

Certificate of Sale
A document given to the winning bidder at a foreclosure sale stating their rights to the property once the borrowers redemption period has expired.

Clear Title
A title that is not burdened with defects.

Credit Bid
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.

Decree
A judicial decision.

Deed
A signed document that transfers ownership of property from one party to another.

Deed-in-lieu of Foreclosure
An instance where borrowers voluntarily convey their rights in a property to the lender.

Deed of Trust
A three party security instrument conveying the legal title to real property as security for the repayment of a loan. The three parties included in a deed of trust are the borrower, lender and trustee.

Default
A mortgage or deed of trust is said to be in default when the borrower fails to make the payments as agreed to in the original promissory note.

Deficiency Judgment
A personal judgment against the borrower for the remaining balance on the loan after a foreclosure sale.

Equitable Title
The present right to possession with the right to acquire legal title once a preceding condition has been met.

Fair Market Value
The price a property would sell for on the open market.

Foreclosure
The forced sale of property pledged as security for a debt that is in default.

Free & Clear
Ownership of property free of all indebtedness.

Judicial Foreclosure
A foreclosure that is processed by a court action.

Lien
A charge upon real or personal property for the satisfaction of a debt.

Legal Description
A formal description of real property sufficient to locate it by reference to government surveys or approved recorded maps.

Lender
A person who lends money for temporary use on condition of repayment with interest (i.e., the bank, mortgage company, etc.).

Lis Pendens
A recorded notice of pending lawsuit.

Mortgage
A written pledge of property that is used as security for the repayment of a loan.

Non-judicial Foreclosure
The non-judicial process of foreclosure is used 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.

Notary
A public officer licensed 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 law.

• Althen Corner
• Aspen Ridge
• Autumn Wood Estates
• Bear Ridge Estates
• Canon Lake Estates
• Carriage Lane Estates
• Catherine Estates
• County Industrial Park
• Crossroads 53 South
• Crossroads North
• Crossroads South
• Deer Ridge Estates
• Dunes
• Dunes on 17
• Dunes West
• Dunkley Meadows
• Eastland Acres
• Emerson Trail Industrial
• Flyingshot Lake
• Foxstone Meadows
• Goldenrod Estates
• Green Acres
• Hawker Industrial Park
• Highway 40 Industrial Par
• Highway 43 East Industria
• Highway 43 West Industria
• Hillside Estates
• Hilltop Estates
• JD Barr Estates
• JD Renton Estates
• JD Willis Estates
• Jersey Meadows
• Lake Point Properties
• Lakeview Estates
• Lawra Estates
• Maple Ridge Estates
• Maplegrove
• Meadow Brook Estates
• MH - Silver Pointe
• MH - Triple L
• Minhas Industrial Park
• Morgan's Mountain Estates
• Mountain Side Estates
• Mountain View Estates
• Mystic Ridge
• Northfield Landing
• Northgate Business Park
• Park Meadows
• Pine Valley Estates
• Pinebrooke Estates
• Richmond Hill Estates
• Rio Bend Estates
• Riverview Pine Estates
• Sandy Lanes Estates
• Sandy Ridge Estates
• Saskatoon Mountain Acreages
• Smallwood Estates
• Spring Creek Estates
• Spruce Villa Estates
• Sprucewood Park
• Sunrise Estates
• Tamarack
• Tamarack Estates
• Taylor Estates
• The Ranch
• Wapiti Heights Estates
• Wapiti Ridge
• Westlake Village
• Westmount North
• Westmount South
• Westridge Estates
• Whispering Ridge
• Willowood Estates
• Windwood Lane
• Woodland Acres

The Listing data is deemed reliable but is not guaranteed accurate.