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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 "M"
Marketable Title A title with no claims or records of defects on it that could hinder it from being sold. This is also known as a clean title. Mechanic's Lien A claim created by state statutes for the purpose of securing priority of payment of the price or value of work performed and materials furnished in erecting or repairing a building or other structure, and as such, attaches to the land as well as buildings and improvements erected on that land. A construction loan could fall into this category. Mortgage An interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt associated with the purchase of land or real property. This is the loan you will get when you purchase a home or buy a property as an investment.
Multiple Listings Service (MLS) A large listing of properties from a local real estate agent that consist of all homes available in a given area. For-Sale-by-Owner properties will not be listed or found in this database.
Terms of Foreclosure Beginning With "N-P"
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