Nonjudicial Foreclosure Sale


Definition of "Nonjudicial foreclosure sale"

Nathan Pfahler, Broker Associate real estate agent
Nathan Pfahler, Broker Associate NEW DIMENSIONS in REAL ESTATE
THE PFAHLER GROUP

Foreclosure sale enable in those states permitting the use of a power of sale clause to be inserted into a mortgage or deed of trust empowering the mortgagee to advertise and sell a property at a foreclosure sale upon the mortgagor's payment default. A nonjudicial foreclosure sale enables a foreclosure action without a formal judicial action.

Have a question or comment? We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 

Search Real Estate Terms

 

Popular Real Estate Terms

Deed In Lieu Of Foreclosure

Legal document that conveys real estate to the lender after the borrower defaults on his or her mortgage payments. The borrower should demand cancell ...

Ownership Form

Methods of owning real estate. Ownership form has important consequences for income tax, estate tax, corporate income tax, and survivorship. Real esta ...

Reliction

An increase in land occurring from the withdrawal of a body of water. Normally, when reliction occurs, the increase in land area belongs to the indiv ...

Easement By Prescription

Acquired by adverse land use for a statutory period of time. ...

Dragnet Clause

Mortgage clause causing the mortgagor to pledge additional properties, mortgaged or not, as collateral to the present mortgage. Failure to pay any of ...

Reproduction Cost

Current cost to replace property with an identical property after allowing for the depreciated value of the property. ...

Popular Real Estate FAQ

How Much Money Can I Borrow To Buy A Home?

To begin, you\'ll need to figure out what your gross income is (before taxes) monthly and yearly. To get a quick ballpark figure, take the yearly inc ...

What Is An Appraised Value?

An opinion of a properties fair market value, based on an appraisers inspection and analysis of the property. ...

What Is A Lock In?

A lock in guarantees a certain interest rate for a certain period of time. ...

What Is An Escrow Officer?

An escrow officer - also known as a loan officer - is the person that walks you through the closing process. They are usually employed by the title c ...

What Is A Closing?

The process of finalizing all the dealing associated with the sale and purchase of a home. (Also known as a settlement) ...

What Is A Lifetime Rate Cap?

A lifetime rate cap is an adjustable-rate mortgage (ARM), this cap limits the amount the interest rate can increase or decrease over the life of a loa ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add real estate terms app
on your Website

Real Estate Advice

Spring Landscaping Ideas to Improve Curb Appeal and Sell Your House DIY Home Improvement to Increase Your Home Value Moving Tips: House Relocation Stress Free Increase Your Home Value With These Home Improvement Ideas Down Payment: Everything You Wanted to Know

FAQ

What is a private Mortgage? What is a mortgagee? What is a rate lock? Who is a subagent? What is cooperative?