URE-MORTGAGE LAW
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| All Inclusive Trust Deed (AITD) | A State-approved document used for security, usually in seller financing, where the financing is structured as a wraparound.
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| Beneficiary | The lender under a Trust Deed & Note.
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| Certificate of Sale | The document given to the individual who successfully bids and purchases a property at a Sheriff's Sale. It does not convey title to the property.
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| Collateral or Security | A term that refers to security used for a loan. It may be real or personal property.
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| Complaint, Filing a | The legal process initiated in the courts to begin foreclosure under a mortgage.
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| Deed in Lieu of Foreclosure | A legal procedure where the borrower conveys title to the property to the lender. In return, the lender forgives the loan on the property.
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| Deficiency Judgment | A judgment obtained when a foreclosure sale fails to completely pay off a debt.
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| Equitable Period of Redemption | In foreclosure, the period of time during which the borrower can reinstate the loan before the foreclosure sales takes place. It is sometimes referred to as equity of redemption.
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| Equitable Title | The legal interest held in a property by the buyer between the time the contract is signed and his receiving the actual deed.
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| Estoppel Certificate | A document provided by a lender which reveals all the terms of a loan as requested by the borrower or ordered by the court.
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| Foreclosure | The legal process a lender uses to recover the investment from a defaulting borrower where the loan was secured by the property.
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| Forfeiture | One of the options to the holder of a Uniform Real Estate Contract in the event the borrower defaults. The seller can evict the buyer, causing the buyer to forfeit the property.
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| Hypothecation | Using property as collateral or security for a debt without giving up possession of the property.
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| Intermediate Theory | A combination of Title Theory and Lien Theory that allows the lender to sell the property in case of default, but does not allow him to keep any equity.
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| Land Contract, Installment Sales Contract, or Contract For Deed | A document wherein the lender (usually the seller) retains title to the property until the debt is paid. It is known in Utah as a Uniform Real Estate Contract.
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| Lien Theory | A legal doctrine or theory of mortgage law, used in most states, which allows the lender to hold a lien against the property and force the owner to sell the property to pay the debt in the event of default.
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| Lis Pendens | It gives constructive notice that an action affecting a particular parcel of property has been filed in court. The property can be sold, leased, or otherwise disposed of, but all transactions are subject to the outcome of the court action.
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| Mortgage | A document used to secure a loan. It is a judicial agreement, meaning if non-payment takes place, the holder of the promissory note can take it to court and the court will order the sheriff to foreclose.
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| Mortgagee | One who receives a mortgage as security for a loan or debt.
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| Mortgagor | A borrower who hypothecates property as security for a loan through the use of a promissory note and a mortgage.
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| Non-Recourse Loan | The terms of the loan stipulate that even if the lender receives less than the balance owed as a result of a foreclosure action, the debt is satisfied and the lender may not go after the borrower's personal assets.
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| Notice of Default | The action filed to initiate foreclosure under a Trust Deed and Note.
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| Notice of Interest | Holders of junior liens against a property would file this. If the senior lien holder foreclosed, they would be notified and could protect their interest.
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| Pledge | The borrower gives up possession of the property being used as collateral for the loan (the way a pawn shop works).
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| Power of Sale | The authority (conveyed from the trustor to the trustee at the time the Trust Deed and Note are signed) to sell the property in the event of default. It is known as the power of sale.
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| Promissory Note | The document given as evidence of the loan. It contains all information relative to the money: payment, term, interest rate, etc.
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| Sheriff's Deed | The document given to the person who bid and bought property at a Sheriff's Sale. This document is not given until the statutory six-month period of redemption has passed.
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| Sheriff's Sale | The name of the event wherein a property is sold in foreclosure under a mortgage.
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| Statutory Period of Redemption | The period of time following a foreclosure sale wherein the mortgagor has the right of paying off his debts and retaining ownership of the property sold in foreclosure. The mortgagor must redeem the property, rather that reinsate the loan.
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| Title Theory | A legal doctrine or theory of mortgage law used in a few states that allows the lender to take property as collateral for the debt by holding title to the property until the debt is paid.
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| Trust Deed (Deed of Trust) | The document that provides for a non-judicial foreclosure process. It is used in conjunction with a promissory note, by which a borrower hypothecates property as security for a debt or loan.
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| Trustee | Since the courts are not being used in the case of a Trust Deed and Note, this person acts as an escrow agent to insure that the agreement of the Trustor and Beneficiary is carried out and the interests of each party are protected.
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| Trustee's Deed | The document that is given to the individual who successfully bids at a Trustee's Sale and purchases the foreclosed property. It conveys fee simple title.
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| Trustee's Sale | The event where property is sold in foreclosure by the Trustee under a Trust Deed and Note.
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| Trustor | The legal term given to one who hypothecates property as collateral for a loan, using a promissory note and trust deed.
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