Judicial Foreclosure
Property of a defaulted borrower is sold under court order, and the judge must approve the amount received. For example, Fidelity Bank has a first mortgage balance of $100,000 on Mr. X's home. The property is foreclosed because of nonpayment. The property is sold for only $70,000. A deficiency judgment is then entered for the $30,000 balance.
Popular Real Estate Terms
Measure of land representing one square mile. A section equals 640 acres. ...
Generally, a turnaround means a performance improvement. The term applies to various economic fields and real estate too. What does turnaround mean? After a prolonged recession, a ...
Precalculated tables providing the present values of $1 or an annuity of $1 for different time periods and at different discount rates. ...
Degree of completion or accomplishment such as a home that is 70% completed. Condition of real property. Position of an item. Legal standing such as of a case. ...
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Administering and directing the activities of a real estate brokerage firm to assure they are in compliance with regulations and policies. ...
Single-family dwelling attached to other units by common walls. ...
Financial standing of a debtor as a basis to pay obligations. ...
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