Category: Glossary

NOTICE OF TRUSTEE’S SALE | a written document that sets forth the day, date and time of the trustee’s sale, describes the property to be sold and gives an estimate of the unpaid debt as of the first publication debt. This document is prepared by the trustee and does not require the acknowledgment of a notary public and must be recorded with the county recorder in the county in which the property is located at least 14 days prior to the scheduled sale date. We must arrange for the notice of trustee’s sale to be published in a qualified newspaper in the city (or judicial district), in which the property is located. This publication must appear for 3 consecutive weeks, with the first publication date being at least 20 days prior to the sale date.

NOTICE OF RESCISSION | a written document that cancels or annuls the effect of a notice of default when a default has been cured (reinstated). This document does not require the acknowledgment of a notary public, but must be recorded with the county recorder in the county in which the property is located.

NOTICE OF DEFAULT | a written document that gives constructive notice of a trustor’s failure to perform his obligation under a deed of trust. This document does not require the acknowledgment of a notary public and must be recorded.

NOTE | a written document, (promise to pay), that sets forth the amount of the obligation and the terms of repayment.

NONMILITARY AFFIDAVITS | a sworn statement, in writing from the beneficiary or his agent which declares that the property owner is not entitled to any rights under the Soldier’s and Sailors Civil Relief Act of 1940.

MODIFICATION AGREEMENT | a written document, signed by the beneficiary and the borrower that alters the terms of either the note of deed of trust.

LIS PENDENS | a recorded notice of pending legal action, which notifies prospective purchases and encumbrances that any interest acquired by them in a property litigation is subject to the decision of the court.

LIMITED POWER OF ATTORNEY | a recorded document which authorizes someone to act as attorney-in-fact in a specific manner for someone else.

JUNIOR LIEN | a legal claim upon real property recorded subsequent (or recorded prior but has subordinated) to another legal claim upon the same real property.

INVALID | not legally sufficient; no binding force.