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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 "N-P"
NARCA An acronym for National Association of Retail Collection Attorneys. Notice of Default (NOD) A notice sent out by lenders when a mortgage payment is late in an attempt to cure or make the loan current. You are not generally in pre-foreclosure at this point, but if you miss more payments, you may receive a Lis Pendens. Notice of Rescission A legal document used by the lender when the person in default has cured or corrected the default. Notice of Sale A notice of an impending foreclosure sale required by the state. It recites the legal description of the property that is in foreclosure and gives the time, date and place of the pending sale. Offer to Purchase A contract expressing a person's willingness to purchase a certain property on terms expressed within the offer. Owner Financing (or Seller Financing) This is a creative method in real estate where the seller of a property agrees to finance all or some of the property. In a sense, the owner is the bank. Power of Attorney This is a written document signed by a property owner that authorizes someone else to act in their behalf in case they are absent during the time of purchase or sale. This document must be specific (not a general power of attorney) when dealing with real estate. Power of Sale A clause normally found in mortgages and deeds of trust that are in default, giving the mortgagee (or trustee) the right and power to advertise and sell the mortgaged property at public auction to satisfy the debt. Pre-Foreclosure A term used to identify delinquent properties before they go through the foreclosure process.
Terms of Foreclosure Beginning With "Q-R"
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