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Foreclosure
Foreclosure and Redemption Rights
Term | Definition |
---|---|
Deed in Lieu of Forclosure | Upon default, lender agrees not to go through foreclosure and accepts a deed from mortgagor surrendering property to lender. |
Short Sale | A sale of distressed property that is approved by a lender who is willing to discharge mortgage by excepting less. |
Civil Law Suit | Filing a complaint on court. |
Froclosure by Advertisment | Power of sale advertising: newspapers, public auction, sold to highest bidder. |
Deficiency Judgment | If the highest bid is not enough to to satisfy the loan. |
Sheriff Deed | Executed by sheriff to highest bidder. |
Redemption Period | Time allowed the mortgagor following the sale to pay back the highest bidder to redeem property. 6 months. Sheriff deed is void. |
Writ of Restitution | Obtained from court, authorizing sheriff to evict occupants because property is not redeemed and sheriffs deed vested title in new purchaser. |