FORECLOSURE | (non-judicial) | a popular term used to describe the procedure followed in enforcing a creditor’s rights when a debt secured by any lien on property is in default; however, the correct term for a “Foreclosure” involving a deed of trust is a “Trustee’s Sale Proceeding.”
Question: Who can foreclose on my property? – Answer: Mortgage holders and other lien holders who have a vested interest in loans on your property, which is used as collateral, can foreclose on you.
FEDERAL TAX LIEN | an obligation to the United States government as a result of nonpayment of federal income taxes.
Question: When do foreclosure proceedings start? – Answer: In most cases, foreclosure proceedings are started when payments become delinquent.
EXTENSION AGREEMENT | an agreement (normally written) giving additional time to pay an obligation.
Question: What is foreclosure? – Foreclosure is a legal process in which the rights to a property is taken away from the owner and the property is then sold to satisfy unpaid mortgages and liens against the property.
EVICTION | See “Unlawful Detainer.”
Question: What about tax liens? – Answer: A tax sale can take place if you get behind on your property taxes. The tax sale can be initiated by federal, state or local taxing agencies.
ENDORSEMENT/DATEDOWN | A continuation of the trustee’s sale guarantee that reports any changes in the status of the property being foreclosed. Such “date downs” are requested from the title company prior to preparation of the notice of trustee’s sale and prior to the trustee’s sale.
Question: If I lose my property through foreclosure, can I get any money from the foreclosure sale? – Answer: Yes. But first, any remaining balance on the mortgage will be paid along with all outstanding property taxes and court fees. In most cases, very little, if any money, will be left for you to get.