Power Of Sale


Definition of "Power of sale"

provision in a mortgage agreement granting the lender the right to sell the foreclosed property of the borrower if the payments are defaulted upon. The borrower will only recoup the amount exceeding the selling price less legal expenses less the debt balance.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Purchasing Power Risk

Investment risk associated with the relationship between the yield (interest, dividends, and capital ...

Inland Marine Insurance Bureau

Rate-making division of insurance services offices (ISO) for inland marine insurance coverages of me ...

Equities

Representation of ownership rights such as stocks. ...

Political Risk Insurance: Contract Frustration

Insurance coverage that will indemnify the insured in the event a foreign government or company does ...

Cost-of-living Adjustment (cola)

Automatic adjustment applied to Social Security retirement payments when the consumer price index in ...

Dividend Addition

Option in a participating policy under which dividends are used to purchase fully paid-up units of w ...

Related Real Estate FAQ

What Is An Index?

An index is an economic indicator used to set the rate for adjustable-rate mortgages. ...

What Is A Lock In?

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

What Is A Mortgage Insurance Premium (MIP)?

A mortgage insurance premium is a policy that insures the lender against loss if the homeowner defau ...

What Is A VA Loan?

A VA loan is a type of loan available to veterans and guaranteed by the Department of Veterans\' Aff ...

What Are Paid Advertorials?

Paid advertorials are articles written by public relations professionals that have just one goal in ...

What Do I Need To Know About Pet Insurance?

If you own a pet, i\'m sure you\'ve been in a situation where the vet bills have been much higher th ...

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

Agents join here
Add our widget on your Website

Real Estate Advice

Home Prices - The Extra Costs Rent or Buy - the pros and cons Is it better to buy or sell a home first What do Real Estate Attorneys do? 3 tips to ensure your sale goes through

FAQ

What are my coverage options? What is an inspection? What is homeowners association (HOA)? What are jumbo mortgages? Should I Pay Extra Each Month?