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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 "Q-R"
Quit Title An action by law to remove an adverse claim or cloud from the title of property. If you are purchasing a home and there is adverse notes on the title of that property, you may have to go through this process. Quit Claim Deed A deed of conveyance that releases any title, interest, or claim, which the grantor may have in the premises. Real Estate Owned (REO) A property acquired back by a lender after it has gone to auction and did not sell. Recorder A public official that is responsible for keeping all of the records of real estate transactions in a particular city. Redemption Period The time allotted to the mortgagor to reclaim their property after it has been sold at an auction. Not all states have a redemption period.
Terms of Foreclosure Beginning With "S"
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