Today we are taking a look at our foreclosure glossary and covering some of the most important foreclosure terms that you should know as you head into the foreclosure process. Understanding these terms will help you to get a better understanding of Foreclosure concepts and help you to help yourself and your attorney.
Foreclosure Glossary: Foreclosure Terms You Should Know!
Affidavit
A sworn written statement that is given under oath or in front of a notary.
Appraisal
An appraisal is the process where an authorized or licensed individual gives an official estimate of the value of the property.
Appreciation
Appreciation is the opposite of depreciation and refers to the difference in value between the original value of the property and the increased value.
Certificate of Sale
A certificate given to the winner of a foreclosure auction sale outlining their right to the foreclosed property after the redemption period for the borrower has expired.
Clear Title
A property title that is not tarnished by liens etc.
Credit Bid
A bid at a foreclosure site that is less than or equal to the balance of the defaulted loan on behalf of the lender.
Deed-in-Lieu-of-Foreclosure
Where borrowers voluntarily transfer their right in a property to their lender.
Deed of Trust
A deed that conveys the title to a property as security for loan repayment. A deed of trust includes three parties – the borrower, trustee, and lender.
Deficiency Judgement
A judgement against a borrower for the remaining balance of their loan once their home has sold in a foreclosure sale.
Equitable Title
The right to possession of a property that guarantees the right to acquire the legal title once a specified condition is met.
Fair Market Value
Fair market value is the price that a property would sell for on the open market.
Foreclosure
Foreclosure is a forced property sale where the funds from that sale are used to secure a defaulted debt.
Judicial Foreclosure
A judicial foreclosure is a foreclosure that has been processed by court action.
Lien
A lien is a charge made on property for debt satisfaction.
Lender
The lender is an individual or company that lends money under specific load terms – for example, requiring that the loan be paid back within a specific time period and with a set interest rate. Most often, the term lender refers to the bank or mortgage company.
Lis Pendens
A lis pendens is simply a notice of a pending lawsuit.
Non-Judicial Foreclosure
Non-judicial foreclosure is a foreclosure process that takes place when there is a power of sale clause in a deed of trust or mortgage. The power of sale clause is a clause where the borrower gives pre-authorization for their property to be sold to pay off the loan balance should they fall into default.
Notice of Sale
A notice of sale is a notice recorded with the county where a property is located that provides information on the defaulted loan of that property and the upcoming proceedings. The notice of sale of a property must also be advertised according to state law or the property security document.
Personal Property
Personal property is a term used to refer to movable property – for example, belongings inside the house.
Postponement
A postponement in foreclosure is a delay of the foreclosure sale. This postponement is usually advertised in posted notices that include the new date and time for the sale. In some cases, the postponement is announced at the site where the original sale was to take place.
Right of Redemption
A right of redemption is the right of a borrower to reacquire their property that has been lost to foreclosure.
Request For Notice
A request for notice is a request made of a trustee to provide a copy of a notice of sale or notice of default to the person who filed the request.
Subject to
When a property with an existing lien against the title is purchased by an individual who does not take on any liability for the payment of the lien.
Trustee Sale
A trustee sale is a real property auction held by a trustee of that property – for example, a police auction.
Upset Bid
An upset bid is a bid that has been placed on a foreclosed property after the foreclosure sale has ended, but that exceeds the highest bid made during the foreclosure sale.
Writ
A writ is a written order that is usually issued by the courts or an officer of the courts. This order cites an act that may or may not be performed and who may or may not perform it.
Are you Looking For a Foreclosure Attorney in Florida?
If you are looking for a foreclosure attorney in or around St. Pete, Florida, Attorney Matt Weidner can help! Just pick up the phone and call Weidner Law today at 727-954-8752 to set up an appointment today!
