What would you like to look up?
Glossary of Foreclosure Terms
Bankruptcy
A legal proceeding which allows a debtor to discharge certain debts or obligations or allows the debtor time to reorganize his/her financial affairs so he/she can fully pay the debt. Bankruptcy does not discharge obligations secured by an assessment lien.
Declaration of Default
A document directing a Trustee to sell the trust property to satisfy a specified and unpaid obligation.
Deed of Trust
A legal document in which the borrower conveys the title to a 3rd party (trustee) to hold as security for the lender. When the loan is paid in full the trustee reconveys the deed to the borrower. If the borrower defaults on the loan the trustee will sell the property and pay the lender the mortgage debt.
Foreclosure
A legal action that terminates all ownership rights in a home when the homebuyer fails to make the mortgage payments or is otherwise in default under the terms of the mortgage.
Junior Lienholders
These are also know as secondary or other lienholders. It refers to people who have a recorded lien against the property.
Lien
A claim or charge on property for payment of some debt. With respect to a mortgage, it is the right of the lender to take the title to your property if you do not make the payments due on the mortgage.
Lis Pendens
The lis pendens is a notice that a lawsuit is pending, the outcome of which affects title. A lis pendens is usually filed by the lender to start the foreclosure process under judicial foreclosure (just as a notice of default begins the foreclosure process under non-judicial foreclosure)
Military Affidavit
A written and sworn statement that, to the best of the homeowners association’s knowledge, the property owner is not in active military service and entitled to any rights under the Soldier’s and Sailor’s Relief Act of 1940.
Notice of Default
A notice of homeowner’s failure to perform his/her obligations as to the payment of assessments under the Declaration of Covenants, Conditions, and Restrictions (CC&Rs). When recorded, it is the initial step in a Trustee’s Sale Proceeding.
Notice of Trustee’s Sale
A document which is mailed, advertised, posted and recorded. Among other information, it provides the date, time and location of the Trustee’s Sale and also contains a description of the property to be sold.
Postponement
A verbal announcement made at the time and place of the scheduled Trustee’s Sale. The announcement establishes the new date and time for the Trustee’s Sale.
Publication Letter
The authorization from the homeowners association for the Trustee to set the sale date and begin notification and publication of the Notice of Trustee’s Sale.
Pre-Publication Period
This is a statutory minimum time period of three months following the recording of the Notice of Default which the trustee must wait before setting a date for the Trustee’s Sale.
Publication Period
The time period beginning after the Pre-Publication Period and ending with the Trustee’s Sale. During the Publication Period, the Notice of Sale is mailed, advertised, posted and recorded. This time period is approximately 30 days long.
Rescission of a Notice of Default
When signed by the homeowners association or agent and recorded by the trustee, this document removes the effect of the previously recorded Notice of Default.
Substitution of Trustee
A written document by which one trustee is appointed in place of another.
Trustee
The person or party to whom property is conveyed in trust for the benefit of others.
Trustee’s Deed Upon Sale
A document signed by the Trustee that transfers ownership of the foreclosed property to the successful bidder at a Trustee’s Sale.
Trustee’s Sale
A public auction sale of the property described in a Notice of Default that is the subject of the Trustee’s Sale Proceeding.
Trustee’s Sale Guarantee
A written guarantee from a title company assuring the accuracy and completeness of information provided by that company and necessary to process a non-judicial foreclosure.
back to top ^
Foreclosure Terms used on RealtyTrac.com
As of Date
Delinquent amount calculated by trustee as of this date.
Assessed Total
Total value of land and improvements.
Beneficiary
Another term for lender.
Date Recorded
Original date that notices are filed with the County Recorder's office.
Default Notice Instrument #
Reference number assigned to the Notice of Default by the County Recorder.
Default/Delinquent Amount
Total amount of payments in arrears.
Improvements
The last assessed value of any improvements attached to the land.
Land Total
The last assessed value of the land as recorded by the county assessor or appraiser.
Last Payment
The date the defaulted owner first became delinquent.
Loan #
Loan number assigned by County Recorder.
Loan Amount
Face value of the original loan.
Loan Date
Date of original loan.
Mailing Address
Borrower's address if not owner occupied.
Noteholder/Trustor
Original borrower. Defaulted property owner.
Opening Bid
Starting price of property at the Trustee's Sale set by the beneficiary.
Page Grid Old/New
Thomas Brothers map page and grid number for the property address.
Parcel Number/APN
Assessor's Parcel Number.
Principal Balance
The balance of the principal owed to the lender.
Sale Date
Auction date set by the trustee.
Situs Address
Property address.
Trans Date
Last date property was sold.
Trans Value
The amount paid for the property the last time it was sold.
Trustee
Neutral party in trust deed transaction. Appointed by lender to hold property in trust to secure performance of an obligation.
TS #/Trustee/Reference Number
Trustee's file number on the property - very important when inquiring on the status of a property with the trustee.
Type
RealtyTrac’s code for recognizing the type of property (For example: Residential, Commercial, land).
Zone Code
Zoning code for the property.
back to top ^
Visit Foreclosure Center
Visit our Foreclosure Center to read more detailed information about foreclosures.