Foreclosure GlossarySince foreclosures unfortunately are a big reality in this country these days, the All My Sons of Oklahoma City decided to provide the meaning of the most common words associated with foreclosures. Of course, if you have to move out due to a foreclosure process, don’t hesitate to call the pros of moving, the Oklahoma City moving crew. We’re backed by four generations of movers, are family-owned and locally operated. On our moving website, you’ll find tons of tips to make your Oklahoma City residential move easy as can be, with packing tips and more. Below, you’ll find a list of the most common foreclosure terms.
Foreclosure: This is a legal procedure by which a mortgage property is sold upon default in order to satisfy debt.
Notice of Default: This is the first document that’s on-judicial that’s filed by a trustee. The NOD starts the foreclosure process, usually after a default under the deed of trust or mortgage.
Lis Penden: This is the notification of a pending lawsuit, The initial document that’s judicial filed by an attorney or trustee. This actually starts the foreclosure process.
Notice of Trustee’s Sale: A filing by notice announcing a public auction.
Notice of Foreclosure Sale: An order signed by a judge directing a Notice of Sale be published and that a referee sell the property at a public auction.
Government Owned: A foreclosed property that’s offered for sale by the government.
Deed of Trust: A type of security instrument where the borrower conveys the property’s title to a third party to be held in trust as security for the note.
Mortgage: A conveyance of an interest in real property, given as security for the payment of a debt.
Declaration of Default: A document instructing the trustee to prepare and record a Notice of Default and if necessary to sell he property at auction in order to satisfy the unpaid obligation lien.
Junior Lien: A legal claim upon real property recorded subsequent to (after) another claim or legal obligation.
Postponement: A verbal announcement made at the time and location of the scheduled trustee’s sale, resetting the auction for a later date.
Reinstatement Period: The time period beginning when the Notice of Default is recorded and ending five business days before the trustees auction sale.