A signed document that transfers ownership of property from one party to another.

Deed of Trust
A three party security instrument conveying the legal title to real property as security for the repayment of a loan. The three parties included in a deed of trust are the borrower, lender and trustee.

A mortgage or deed of trust is said to be in default when the borrower fails to make the payments as agreed to in the original promissory note.

Deficiency Judgment
A personal judgment against the borrower for the remaining balances on the loan after a foreclosure sale.

The forced sale of property pledged as security for a debt that is in default.

Judicial Foreclosure
A foreclosure that is processed by a court action.

A charge upon real or personal property for the satisfaction of a debt.

A person who lends money for temporary use on condition of repayment with interest (i.e., the bank, mortgage company, etc.).

Lis Pendens
A recorded notice of pending lawsuit.

A written pledge of property that is used as security for the repayment of a loan.

Non-judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of their default.

Notice of Sale
A notice giving specific information about the loan in default and the proceedings about to take place. This notice must be recorded with the county where property is located and advertised as stated in the security document or as dictated by state law.

To publish, announce or advertise by physically attaching a notice to an object.

Postponement means to put off to a later time. In the case of a foreclosure sale, this is generally done by announcement at the original sale or by posting notices establishing the new date and time the foreclosure sale will take place.

Right of Redemption
A borrower's right to reacquire property lost due to a foreclosure.

Request for Notice
A recorded document requiring a trustee send a copy of a Notice of Default or Notice of Sale concerning a specific deed of trust in foreclosure to the person who filed the document.

Timeline definitions vary from state to state. Typically we define a timeline from the first day there is a missed payment to the day it is sold via foreclosure by sale or title vests back to the foreclosure lender.

A neutral party who advertises the foreclosure property for sale and conducts the auction to sell said property to the highest bidder.

Trustee Sale
An auction of real property conducted by a trustee. Also known as a Sheriff's Sale.