nonjudicial foreclosure
Foreclosure that proceeds outside of court, under a power of sale clause in a deed of trust.
Category: Bankruptcy, Foreclosure & Debt → Foreclosure

Nolo’s Plain-English Law Dictionary. . 2009.

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  • nonjudicial foreclosure — The foreclosure of a chattel mortgage under a power of sale granted to the mortgagee by the terms of the mortgage. 15 Am J2d Chat Mtg § 214. The foreclosure of a mortgage or deed of trust, covering real estate, under a power of sale contained in… …   Ballentine's law dictionary

  • foreclosure — fore·clos·ure /fōr klō zhər/ n 1: a legal proceeding that bars or extinguishes a mortgagor s equity of redemption in mortgaged real property see also deficiency judgment at judgment, redeem …   Law dictionary

  • Foreclosure — For Lacan s psychoanalytic process, see Foreclosure (psychoanalysis). House in Salinas, California under foreclosure, following the popping of the U.S. real estate bubble. Foreclosure is the legal process by which a mortgage lender (mortgagee),… …   Wikipedia

  • judicial foreclosure — A foreclosure in which the foreclosing party files a lawsuit in the county where the real estate is located, seeking a court judgment allowing the property to be sold at a foreclosure sale because the owner has defaulted on mortgage payments. A… …   Law dictionary

  • MERS — This article is about the company. For the Mers ethnic group, see Mers. Mortgage Electronic Registration Systems, Inc. Type Privately held company Founded 1995 Headquarters Reston, Virgini …   Wikipedia

  • Mortgage law — This article is about the legal mechanisms used to secure the performance of obligations, including the payment of debts, with property. For loans secured by mortgages, such as residential housing loans, and lending practices or requirements, see …   Wikipedia

  • trust deed — see deed Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. trust deed …   Law dictionary

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