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The judicial foreclosure sale (sheriff sale) Non-judicial foreclosure sale (trustee sale) Furthermore, the other security devices that may be used in creating a real estate lien to secure the debt that contains the provision of the power of sale are: The contract of the land sale; The lease option sale; The UCC-1 statement of financing
The borrower's equitable title normally terminates automatically by operation of law (under applicable statutes or case law) at the trustee's sale. The trustee then issues a deed conveying the legal and equitable title to the property in fee simple to the highest bidder. In turn, the successful bidder records the deed and becomes the owner of ...
In real estate, foreclosure is the termination of the equity of redemption of a mortgagor or the grantee in the property covered by the mortgage. Depending on the type of foreclosure proceeding, the sale may be administered by the courts ( judicial foreclosure) or by an appointed trustee ( statutory foreclosure).
NJ real estate: NJ's most expensive home for sale is in Colts Neck.Here's what $28M will buy you. "We just want to make sure we can properly vet (the nonprofit groups) to ensure they are the types ...
Aug. 27—Yet another lawsuit has been filed against Santa Fe real estate and art magnate Gerald Peters, who has been named a defendant in several complaints filed by creditors this year. The ...
Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
When creating an estate plan, it may be necessary to name a trustee to handle your assets. For example, if you're establishing a revocable living trust to pass on wealth to your spouse or children ...
Under the statute of uses, modern real property law disregards this subtle distinction. [citation needed] A bargain and sale deed is especially used by local governments, fiduciaries such as executors, and in foreclosure sales by sheriffs and referees.