Foreclosure Flashcards
Property acquired by lending institution through foreclosure and held in inventory
Bank owned property - also called real estate owned or REO
A document that the highest bidder receives a sheriffs foreclosure sale
Certificate of sale – also called sheriff’s certificate
A deed to property voluntarily given by a borrower to the lender to satisfy the debt and avoid foreclosure
Deed in lieu of foreclosure
A personal judgment against a borrower if the lender/creditor does not receive the amount of the lien plus the cost associated with foreclosure at a foreclosure sale
Deficiency judgment
The right of a debtor to redeem the property from foreclosure proceedings prior to a confirmation of sale
Equity of redemption – also called equitable right of redemption
A legally binding promise to refrain from doing it particular act
Forbearance
A procedure through which property is sold to satisfy a debt; maybe judicial or non-judicial
Foreclosure
An option for dealing with the default of a vendee in a land contract where by the Vendor terminates the vendee’s interest
Forfeiture action
A recorded document giving constructive notice of a pending legal action against a specific piece of property
Lis Pendens
In agreement between a borrower and lender that changes the loan terms in an effort to avoid foreclosure
Loan modification
A statement by a trustee providing constructive notice to the world that’s a foreclosure proceeding has begun
Notice of default in trustee’s sale
The right of a trustor – borrower to cure a default and avoid a nonjudicial foreclosure action by making all that payments before the foreclosure sale
Right of reinstatement
Indeed issued by the shift to a property purchase or from a sheriffs foreclosure sale
Sheriffs deed
A property auction (judicial foreclosure sale) ordered by the court to pay back the lender when the borrower defaults
Sheriff’s sale
A lender approved sale from which the proceeds are not sufficient to cover the mortgage amount(s)
Short sale
A deed, executed by a trustee, transferring title from the trust to the successful bidder at a trustee’s sale
Trustee’s Deed
A non-judicial foreclosure sale under a deed of trust
Trustee’s Sale
Another name for an agreement for sale or land contract. They carryback document between buyer and seller. The seller does not give a deed to the buyer until paid in full; therefore the seller retains legal title, and the buyer has equitable title
Vendor’s Lien
