Facing Foreclosure Sucks.
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Foreclosure is not an immediate process. There are 5 key steps involved where you’ll have opportunities to reach out for assistance.
HERE’S WHAT YOU CAN EXPECT DURING A FORECLOSURE:
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Foreclosure Terms and Definitions:
Appraisal: The process in which a licensed or authorized person gives an estimate of property value.
Assignment: The transfer of property’s debt or ownership from one party to another with the approval of the court or lender.
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.
Deed-in-lieu of Foreclosure: An instance where borrowers voluntarily convey their rights in a property to the lender.
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.
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.
Forebearance: A temporary postponement of mortgage payments. It is a form of repayment relief granted by the lender or creditor in lieu of forcing a property into foreclosure.
Foreclosure: The forced sale of property pledged as security for a debt that is in default.
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.
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.
Postponement: 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.
Right of Redemption: A borrower’s right to reacquire property lost due to a foreclosure.
Sheriff’s Sale: Public Auction for property’s debt repayment requirement. If debt is not repaid during Right of Redemption period, debt owner is entitled to the property.
Title: The instrument that is evidence of a person’s right in real property (i.e., a deed).
Trustee: A neutral party who advertises the foreclosure property for sale and conducts the auction to sell said property to the highest bidder.
Upset Bid: A recorded bid placed after a foreclosure sale has ended that is higher than the highest bid received at the actual foreclosure sale.
Writ: 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 specified act.
glossary source: http://www.foreclosurelaw.org/