Foreclosure Defense Lawyers

Glossary of Foreclosure Terms
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Click on the first letter of the word from the list above to go to the appropriate section of the glossary.

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Abandonment: When a homeowner leaves a house with no intention to return.

Acceleration Clause: Clause in a deed of trust or a mortgage giving a lender the right to call all sums owing the lender to be immediately due and payable upon the happening of a certain event.

Alienation Clause: Also known as a due on sale clause. This states that upon sale or transfer of certain property, a loan is immediately due and payable.

As Is: When a property is sold as is, the seller does not warrant or guarantee that the property is free of defects. The buyer accepts the property in its present condition, without modification.

As Is, With Right to Inspect: A potential buyer has an opportunity to inspect a property and approve of it as a condition precedent to closing the transaction.

Assessed Valuation: A valuation placed upon property by the tax appraisers office as a basis for taxation.

Assignment of Rents: A procedure in which a borrower gives a lender the right to receive the rents collected from a tenant in a house owned by the borrower.

Appraisal: An estimate of a property’s value made by a licensed appraiser who is usually presumed to be an expert.

Appraiser: One who is trained and educated in the methods of determining the value of property (appraised value).

Assumption of Mortgage: Occurs when a person takes title to property and assumes liability for the payment of an existing mortgage note and the original borrower is released from any liability.

Auction: The process of selling property at a public sale to the highest bidder.

Automatic Stay: A bankruptcy court order. When bankruptcy is filed, the bankruptcy court will issue a court order that prevents any creditor from attempting to collect any debt from the person who declared bankruptcy. Creditors, even though they are owed money, may not undertake foreclosure, repossession, eviction or seizure, or even call or write the debtor demanding payment. Instead, they must all come to the bankruptcy court and seek the money they are owed together with the other creditors.

We are a debt relief agency.  In addition to other legal services, we help clients file for bankruptcy relief under the Bankruptcy Code.