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
The definition of the term abutment can be a structure in engineering meant to support the pressure of a bridge. It is also used for arches or spans in the construction of buildings. The ...
A large enclosed shopping mall having several national and regional retails stores acting as anchor tenants. The enclosed floor area of regional shopping centers ranges between 250,000 ...
Tank placed beneath the ground to accumulate sewage. ...
principal line running north and south in the government rectangular survey method. Other meridians, each 24 miles apart, are surveyed from the principal meridian. ...
Geographic location where a vacant or occupied structure exists. It usually means the land reserved is for a future building. ...
Secondary written agreement to purchase real property in the event the initial contract is not signed. ...
Land that has poor income potential, usually used in an agricultural sense meaning that the land is untellable, has poor access, is extremely steep, has suffered serious erosion, is ...
A fully amortized mortgage necessitating periodic payments of both interest and principal. In the early years of the loan, the share of principal is smaller and the interest larger, a ...
Expenditure paid to occupy property over a specified time period. ...
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