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Foreclosure

Foreclosure and Redemption Rights

TermDefinition
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.
Created by: Jgjg
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