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Glossary

Buy-Down mortgage foreclosure

Buy-Down mortgage | A financing technique used to reduce the monthly payments for the first few years of a loan. Funds in the form of discount points are given to the lender by the builder or seller to buy down or lower the effective interest rate paid by the buyer, thus reducing the monthly payments for a set time.

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Scottsdale Arizona foreclosure

What is non-judicial foreclosure? – Commonly called “power of sale”, this allows a lender to foreclose without a lawsuit, which is permitted by most states. Instead of a mortgage, the grantor (“borrower”) gives a “deed of trust” to the trustee to hold for the lender (“beneficiary”). When the grantor defaults, the lender files a notice of default and a notice of sale, published in the newspaper. This process takes only 90 days.

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Glossary

Brokerage foreclosure

Brokerage | The bringing together of two or more parties interested in making a real estate transaction.

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Jersey City New Jersey foreclosure

What is judicial foreclosure? – Used in about half of the states in America, a lender (“mortgagee”) brings a lawsuit against the borrower (“mortgagor”) to get the property. About half of the states use judicial foreclosure. Like all lawsuits, it starts with a complaint and summons to the borrower. When in judicial foreclosure, what happens if the borrower doesn

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Glossary

Broker foreclosure

Broker | A agent authorized by the state to deal in real estate.

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St. Petersburg Florida foreclosure

What is a foreclosure? – A foreclosure is a legal process where the bank or other creditor takes control of the collateral for a promissory note in default. This collateral is a parcel of real property, and the lender either sells or repossess this property. The process is slightly different from state to state, but there are basically two types of foreclosure, judicial and non-judicial. The type of foreclosure depends on the state. In a mortgage state, the foreclosure used will be a judicial foreclosure and in a deed of trust state, non-judicial foreclosure is used. Florida is a mortgage state, therefore judicial foreclosure will be used. We

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Glossary

Breach foreclosure

Breach | The breaking or violating of a law, a right, obligation, engagement, or duty, either by commission or omission.

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Glossary

BPO foreclosure

BPO | Brokers Price Opinion.

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Locations

Chandler Arizona foreclosure

What is

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Glossary

Borrower foreclosure

Borrower | He to whom a thing or money is lent at his request.