Foreclosure Glossary
Actual Sale/Sold Date- The actual sale date is the day that the property sold. This is often at a Foreclosure Auction.
Bid Amount- The bid amount can also be called a pending bid. This is a term that is based on an actual written bid. It tells you how much the bid was for, and the date it was created.
Certificate of Purchase- A certificate of purchase is a written document that shows somebody’s interest and intent to buy the property. It doesn’t mean that they now own the property. It is a recorded and becomes public record.
Continuance- A continuance basically means that the foreclosure sale date can be moved to another date. Now, this can only happen through the lender or attorney’s choosing, not the property owner facing foreclosure. A continuance can be pushed up to one year’s time, but no longer.
Cure- A cure is when a property owner attempts to clear the previous debt (past due mortgage payments, etc), but this is something that has to occur a certain amount of time. Once the “notice of intent to cure” is taken care of, it’s up to the owner to get those debts paid. This is good up until the date before the foreclosure sale.
Deed- A deed is a legal document that shows ownership. It’s recorded showing a transfer from the previous owner to the new owner.
Deficiency Amount- A deficiency amount is based on the value of the home to be foreclosed on. If the lender feels the value of the home is worth less than the amount owed, this reflects the difference, thus a deficiency amount.
E & D Date- The E & D date is the date the foreclosure is actually started. It’s a document that is sent by the attorney/lender to the Public Trustee’s office.
Interest Rate- The interest rate reflects the rate that is from the original loan.
Last Date to Redeem- Redemption means that all past due fees, along with any other legal costs have been paid in full, which means the property won’t be foreclosed on. Now, if the homeowner pays it off before the “last date to redeem” which is listed on a certificate, they’ll be okay. If not, the property goes for a foreclosure sale.
Loan Type- the type of loan that was taken out, example: Covnetional, Adjustable Rate, etc.
Order Authorizing Sale- This is the date that the home is ordered to go to a foreclosure sale. If you go through an attorney and a court proceeding, the judge may decide to proceed with the foreclosure, or may hold off. You must show reason that the home should not go into foreclosure, such as on time payments, etc.
Overbid Amount- An overbid amounts refers to someone making a bid higher than what the foreclosing lender has. It must be done in person, with a written bid.
Rescission- Rescission means to void, meaning that it occurs after the foreclosure sale. There are certain circumstances that must take place in order for this to be established
Restart- A restart takes place when Bankruptcy is involved. The Bankruptcy Court can stop the process and allow extra time before the foreclosure sale takes place.
Withdrawl- This takes place when a foreclosure is stopped.
