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RE Ch 6 Defs
Real Estate Definitions for Chapter 6
| Term | Definition |
|---|---|
| Foreclosure | a legal process by which a defaulting borrower loses his or her interest in the property used as collateral for a mortgage loan or deed of trust |
| Tax foreclosure sales | aka tax sales; how real estate tax liens are enforced |
| Judicial foreclosure | allows the sale of the mortgaged property under the supervision of the court, with the proceeds going first to satisfy the mortgage, then other lien holders, and finally the borrower if any proceeds are left |
| foreclosure suit | filed by lender to undertake a court proceeding to enforce the lien |
| Acceleration | declare that the loan balance and all other sums due on the loan are payable immediately |
| Lis pendens | gives public notice that the mortgaged property may soon have a judgment issued against it; mean "action pending" or "pending litigation" in Latin |
| notice of pendency | only legal notice of a pending action that involves the title to, or possession of, a specific piece of real estate; filed in the office of the county clerk |
| redemption period | the right to reclaim a property that has been foreclosed by paying off amounts owed to creditors, including interest and costs within the prescribed period |
| equitable right of redemption | the right to redeem property between the time of the default and the foreclosure sale |
| statutory right of redemption | statutory periods of up to a year following the sale for the owner of a foreclosed property to redeem the estate |
| statutory right of reinstatement | available when the borrower wants to cure the default (bring payments up to date) and reinstate the loan as if the loan had not been accelerated at all |
| Writ of Execution | authorizes an official, such as the county sheriff, to seize and sell the foreclosed property |
| Judicial Sale | aka sheriff's sale; when default is not cured by equitable right of redemption or statutory right of reinstatement |
| Deficiency Judgment | a personal judgment against the borrower for what is left unpaid from the foreclosure; enables the lender to attach and foreclose a judgment lien on other real or personal property the borrower owns |
| non-judicial foreclosure | When there is a "power of sale" provision in the mortgage or trust deed document; can force the sale of the liened property without a foreclosure suit |
| notice of default (NOD) | requires the lender to give to the borrower during a non-judicial foreclosure |
| Strict foreclosure | a court proceeding that gives the lender title directly, by court order, instead of giving cash proceeds from a public sale |
| deed in lieu of foreclosure | transfers legal title to the lien holder; |
| short sale | when a lender allows a borrower in default on mortgage loan payments to sell the mortgaged property for less money than necessary to satisfy the loan in order to avoid the delay and expense of a foreclosure sale |
| loan workout | temporary arrangements with the lender |
Created by:
amybeth1105
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