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Terms of Foreclosure and Their Definitions!The Terms of Foreclosure and their definitions will help you understand the foreclosure process and better handle the situation you are in or are about to experience. Get a step ahead of the lenders by understanding what's going on and how to deal with it. Most people enter a foreclosure blind, not knowing anything about the process. By that time, it's almost too late to figure out what's going on and you are susceptible to scams and expensive legal fees when all you have to do is ask for help. The first step in learning the process of foreclosure is to learn the terms of foreclosure. We will keep it as basic as we can so you can understand all of the terms of foreclosure you are learning. Terms of Foreclosure A B C D E F G H I-K L M N-P Q-R S T U-Z
Terms of Foreclosure Beginning With "I-K"
Indemnify Any losses or damages suffered by another person that you are fully responsible for. Instrument A written legal document that can be used against you in a court of law. Involuntary Lien A lien issued against a property without the owners approval. This can be done when you are in pre-foreclosure and your bank is trying to work with you an provides you with a loan to catch your account back up to current. They may put an involuntary lien on your title as security for this catch up loan. Joint Ownership When two or more parties own the same property in whole or in part. Joint Venture A project, primarily in business, where two or more persons take part in a business type transaction to share the cost, risk, and reward as a result. This usually happens when someone has a great idea but no money and another person just has the money. They get together and make good things happen. Much like a partnership. Judgment A final court decision that resolves the dispute and determining the rights and obligations of two or more parties. A judicial foreclosure is a foreclosure that results from a court action rather than from the power of sale given to a trustee. Judicial type foreclosures happen when a deed of trust or mortgage deed does not have a power of sale clause, thus forcing the lender to take the debtor to court. This is opposite of a non-judicial foreclosure, in which a foreclosure can be completed outside the court system. Junior Lien A lien that is subordinate or junior to a senior lien. For instance, if you use your home or title as security for another loan, a second lien will go on your title and will be considered junior to your original lien.
Terms of Foreclosure Beginning With "L"
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