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
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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 "U-Z"

UCC

Uniform Commercial Code; uniform laws drafted by the National Conference of Commissioners on Uniform State Laws governing commercial transactions.

Undivided Interest

Ownership of real estate by joint tenants under the same title.

Unsecured Debt

A debt not secured by any collateral property.

Upset Price

The opening bid amount that begins the auction bidding during a foreclosure sale. 

VA Loans

A program that allows the purchase of a home without a down payment to most veterans.

Vacate

To make empty by moving out.

Warranty Deed

Deed in which the grantor warrants good clear title.

Without Recourse

Giving the lender no right to seek payment or seize assets in the event of nonpayment from anyone other than the party specified in the debt contract.

Wraparound Mortgage

A financing technique in which the payment of the existing mortgage is continued by the seller and a new, higher interest loan, which is larger than the existing mortgage, is paid by the borrower.

Yield

The return on investment or the amount of profit stated as a percentage of the amount invested.

Zoning

Regulations that control the use of land within a jurisdiction. Always make sure when you purchase a property to ensure you are zoned for what you intend on using the property for.

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