Sale of property in foreclosure by the trustee, rather than through a judicial sale.
A Foreclosure sale conducted by a trustee under a trust deed after default.
A sale at auction by a trustee.
Foreclosure sale conducted by the trustee under a deed of trust after a default occurs.
A sale at auction on behalf of a trustee.
Sale conducted by a trustee (often the lender) under the terms of the deed of trust.
A sale held by the trustee wherein the property has been acquired by the trustee after a default has occurred under the terms of the note and deed of trust.
Foreclosure sale conducted by the trustee in the exercise of a power of sale.
A foreclosure sale conducted by a trustee under the stipulations of a deed of trust.
When a lender sells your property to pay for a mortgage in default. Most deed of trusts have a "power of sale" clause, giving the trustee, a neutral party who acts on behalf of the lender, the right to a trustee's sale. A trustee's sale varies from state to state, but in general the trustee, typically a title insurance company, advertises the property's sale in a county newspaper and then auctions off the property to the highest bidder. All is not lost – you have up to 5 days before the sale to pay everything you owe, plus the legal fees incurred by the trustee, to get back your property. Note that some mortgages contain a power of sale clause, giving the lender the right to foreclose without taking you to court first.
