 |
||
                
|
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 "S"
Sales Contract A contract to which the buyer and seller agree to the terms of a sale. Second Mortgage A second loan placed upon a property in addition to an existing first loan. This is also known as a second lien or junior lien. 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. Sellers Market When the real estate market conditions are such that the seller has the advantage and multiple offers are made. Sheriff's Sale The sale of a property to satisfy a debt or judgment, usually known as a foreclosure sale. Short Sale The sale of a property under or at market value that is lower than the loan balance owed to a financial institution. Simultaneous Closing This refers to two closings occurring simultaneously, or at the same time. This is a creative technique used when traditional financing will not work. This is usually seen when a person is selling one home and immediately moving into another home. Subject To The transfer of rights to pay a debt from one party to another, with the original party remaining liable for the debt if the second party defaults. Survey The process by which a parcel of land is measured and its boundaries and contents set forth prior to the sale or refinance of the property.
Terms of Foreclosure Beginning With "T"
|
|
