The bid amount must be less than or equal to the balance of the loan in default.Ī signed document that transfers ownership of property from one party to another.Īn instance where borrowers voluntarily convey their rights in a property to the lender.Ī three party security instrument conveying the legal title to real property as security for the repayment of a loan. The offered amount for a property for sale at auction.Ī document given to the winning bidder at a foreclosure sale stating their rights to the property once the borrowers redemption period has expired.Ī title that is not burdened with defects.Ī bid on behalf of the lender at a foreclosure sale. The transfer of property to be held in trust or to be used for the benefit of the creditors (lenders). The difference between the increased value of the property and the original value. The process in which a licensed or authorized person gives an estimate of property value. Top rated screened real estate agents, REALTORS® ready to answer your questions about the neighbourhoods, newest real estate information and more.Īn option given to lenders through an "acceleration" clause in the mortgage or deed of trust requiring the borrower to pay the entire balance of the loan all at once if their loan is in default.Ī sworn statement in writing usually given while under oath or in the presence of a notary. You’ll always be a part of the action in this vibrant and bustling community.
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