Trustee's Sale
Definition of "Trustee's sale"
When a debtor defaults on a loan for which a deed of trust is given, the trustee is required to have a sale of the real estate security for the benefit of the lender. A deed of trust is used in place of a mortgage in many states. When a loan is made by a lender which is collateralized by real estate, a deed of trust is signed by the parties giving legal title of the collateralized property to a trustee for the purpose of insuring that the property is used to satisfy the debt in the event of default.
Popular Real Estate Terms
Appearing in person. In propria personal is a formal judicial request to appear personally before the court to plead a particular matter. While it does not prevent an individual from ...
Lien on a given property, such as an person's house as a collateral for a loan. ...
Legal document that conveys real estate to the lender after the borrower defaults on his or her mortgage payments. The borrower should demand cancellation of the unpaid balance and a ...
The direction in which a community is growing. Directional growth is measured over time, and its path strongly influences current and future market values of those properties clearly in ...
federal law protecting someone in active service from bank foreclosure of their property that was bought before entering the armed services. ...
Credit note which a lender's only security is the borrower's personal financial situation and credit history. ...
This situation applied in some states when death prevents the seller of property, who has signed a real estate sale agreement, from completing the sale. In this situation , equitable ...
An insurance policy indemnifying a property owner up to the limits of the policy against fire or other hazard requiring the total destruction and removal of the structure. ...
A court order issued to a defendant in an action either prohibiting or commanding the performance of a defined act. A violation of an injunction could lead to a contempt of court citation. ...
Have a question or comment?
We're here to help.