Foreclosure Advice: Know Your Legal Lingo

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One of the most important bits of foreclosure advice I always give my clients is to learn as much as you can so that you know how to interpret all of the paperwork that’s flying back and forth. I was thinking about that as I was recording the video defining mortgagees and why understanding that term is so important, and it made me realize that there are a whole host of other terms you should know.

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Foreclosure Advice: A Glossary of Terms

Study this list and you’ll at least be able to have a basic understanding of what’s going on in your case at any given time.

Default. As soon as you miss payments on your mortgage, you are technically in default and your lender can begin foreclosure proceedings. Most lenders will not do this immediately.

Non-judicial foreclosure. Lenders can exercise their right to this kind of foreclosure if your original loan paperwork includes what is called a “power of sale” clause. That means that you’ve already granted them the right to sell your property if you default.

Lis pendens. This is one of those legal terms that tends to throw people if they see it. All it means is that there is a lawsuit pending and it has been officially recorded.

Sheriff’s sale. An auction, conducted by a trustee, where your real estate property can be sold off. Sometimes it’s known as a Trustee sale.

Notice of sale. The lender is required to produce this document that lists the particulars of your in-default loan and advertise the sale of the property. The specifics of this are usually outlined by state law; otherwise, they’ll be in the security document.

Foreclosure Advice: Use an Experienced Foreclosure Attorney

This list is just the tip of the iceberg, and even if you manage to memorize all of the terms, there’s still a wealth of information that it’s vital to understand about foreclosure cases. The best foreclosure advice that I can give you is to seek out a Florida foreclosure attorney who regularly handles foreclosure defense in your area.

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