Free and clear
Ownership of a property free of all indebtedness.
Judicial foreclosure
A foreclosure processed by court action.
Legal description
A formal description of a property locating it by reference to government surveys or approved recorded maps.
Lender
A individual or institution that lends money on condition of repayment with interest.
Lien
A charge on real estate or personal property to satisfy a debt.
Lis Pendens
A recorded notice of a pending lawsuit.
Mortgage
A written pledge of property used as security for the repayment of a loan.
Non-judicial foreclosure
Used when a power of sale clause exists in a mortgage or deed of trust. In a power of sale, the borrower pre-authorizes the sale of the property to pay off the loan balance in the event of their default.
Notary or notary public
A public officer licensed by the state to attest to and certify the validity of signatures on document.
Notice of default
A written document that is recorded, published and posted in the public record stating that a borrower has failed to meet obligations of the promissory note.
Notice of sale
Provides specific information about a loan in default and the proceedings about to take place. This notice must be recorded with the county where the property is located, and advertised as specified in the security document or as dictated by state law.
Notice of trustee's sale
A document that is recorded, published, posted and mailed stating the date, time and location of the trustee's sale.
Personal property
Property other than real estate consisting of things temporary or movable.
Posting
To publish, announce or advertise by physically attaching a notice to an object.
Postponement
An announcement given at the original sale or in a posting notice establishing the new date and time the foreclosure sale will take place.
Pre-foreclosure
The period after default before an actual foreclosure sale.
Request for notice
A recorded document requiring a trustee to send a copy of a Notice of Default or Notice of Sale concerning deed of trust in foreclosure to the person who filed the document.
Right of redemption
A borrower's right to reacquire the property lost to a foreclosure.
Short sale
Lender agrees to accept less than the full balance owed on the loan when your property is sold.
Subject to
The purchase of a property with an existing lien against the title without assuming any personal liability for the liens payment.
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