Judicial process to prove or confirm a will, or to settle the estate of a party who dies intestate. Foreclosure Legal process instituted by a trustee, lien holder or creditor after a debtor's default. All junior liens against the property are wiped out. ...
Deed in Lieu of Foreclosure The voluntary surrender of property by an owner or borrower to a lien holder (such as a bank) that eliminates the need to continue foreclosure action by the lien holder. The lien holder can refuse to accept the Deed in Lieu and file a Notice of Non Acceptance...
Short for "deed in lieu of foreclosure," this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed...
The invention shows how to structure existing rules of record keeping procedure so as to free real estate from being made idle and immobilized by a mortgage lender. The lender has filed a foreclosure court action and subsequently does not complete taking title. That leaves an impoverished borrower...
REAL ESTATE TERMS – D Days on Market: The period of time a property is listed for sale until it is sold or taken off the market. Deed: A legal instrument transferring title to real property from the seller to the buyer upon the sale of such property ...
Learn what an estate for years is. Understand the definition of an estate for years and study examples of this type of lease. Discover how it...
even if the borrower has redemption rights whereby it can legally reclaim the real estate property for a period of time, or upon completion of a deed in lieu of foreclosure or similar legal agreement under which the borrower conveys all interest in the residential real estate property to the ...
Real Estate Keep Your Keys: Smart Alternatives to Foreclosure in Texas Imagine waking up one day to a notice on your door — a stark reminder that the home you’ve worked... Read More News Understanding Different Types of Deeds in Texas ...
An REO, or real estate owned, is a bank-owned property up for sale. 10. www.bills.com/a-deed-in-lieu-of-foreclosure-vs-a-short-sale/(Retrieved August 12, 2012). 11. http://articles.latimes.com/2010/jun/27/business/la-fi-harney-20100627-5(Retrieved July 25, 2012). ...
Conceptually, the merger doctrine paints a real estate transaction’s purchase and sale agreement as a temporary arrangement between the parties, designed to eventually lead to the creation and transfer of a deed from the seller to the buyer. (Like scaffolding erected around a structure, once the...