Definitions for "POWER OF SALE"
Related Terms:
Strict foreclosure, Foreclosure, Non-judicial foreclosure, Deed of trust or mortgage, Nonjudicial foreclosure, Redemption, Deed in lieu of foreclosure, Recourse, Co-mortgagor, Alienation clause, Mortgage, Trustee's sale, Due on sale clause, Right of redemption, Defeasance clause, Deed of trust, Voluntary conveyance, Notice of default, Dragnet clause, Repossession, Equity of redemption, Co-signer, Deed-in-lieu, Deed-in-lieu of foreclosure, Co-signer/co-borrower, Subject to mortgage, Deed in lieu, Co-maker, Due-on-sale clause, Non-recourse loan, Co-borrower, Nod, Foreclosure sale, Security instrument, Repossess, Mortgagor, Endorser, Due on sale, Assumption of a mortgage, Deficiency judgment, Judicial foreclosure, Assignment of rents, Defaulter, Borrower, Preforeclosure sale, Subject to, Cosigner, Charge, Pre-foreclosure sale, Due-on-sale
The legal right of the mortgagee to sell the property.
A provision in a mortgage permitting the lender, upon borrower's default, to sell the secured property at public auction without need to have a court foreclose.
A legal procedure in some states in which the lender exercises a right, expressed in the loan documents, to take title to the property of the defaulting borrower and offer it at public sale to the highest bidder. There is no court action involved.
A clause commonly inserted in mortgages and deeds of trust that are in default, giving the mortgagee (or trustee) the right and power to advertise and sell the mortgaged property at public auction to satisfy the debt.
Power expressed or implied in a trust agreement permitting the trustee to sell the investments comprising the trust.
The power of a mortgagee or trustee when the instrument so provides to sell the secured property without legal judicial proceedings if a borrower defaults in payment of the promissory note or otherwise breaches the terms of the mortgage or deed of trust.
is a term within the mortgage giving power to the mortgagee (lender) on behalf of another to sell the mortgaged property.
If loan default occurs, the mortgagee has the right to force the sale of the property without judicial proceedings.
A clause in a will, mortgage, deed of trust or trust agreement authorizing the sale or transfer of land in accordance with the terms of the clause.
Clause inserted in a mortgage or deed of trust giving the mortgagee (or trustee) the right and power, on default in the payment of the debt secured, to advertise and sell the property at public auction.
Generally the fastest and cheapest mortgage enforcement method open to lenders. A common clause in a mortgage agreement which gives the lender the right to take over and sell the property to cure the borrower's default. The sale proceeds are allocated first to principal and interest, then to penalties, then to the lender's costs in exercising the power, then to other registered claimants and finally to the borrower if there is any left.
A provision in a deed of trust or mort-gage that empowers a trustee, without court order, to sell property in the event of default by the mortgagor and to apply the proceeds of the sale to satisfy the obligation, the costs of invoking the procedure and the expenses of the sale.
The right of a mortgagee to force a sale of a property should default of mortgage payments occur.
A legal agreement, usually part of a deed of trust, which states that if a borrower does not make the agreed-upon payments, the lender can foreclose on the property that secures the loan and sell it at public auction in order to recover any losses.
A provision in a mortgage that empowers a mortgagee, without resorting to any judicial procedures, to sell property in event of default by the mortgagor, and to apply the proceeds of sale to satisfy the obligation, the costs of invoking the procedure and the expenses of the sale.
The right of a mortgagee (the lender) to force sale of the property.
Aclause sometimes inserted in mortgages or deeds of trust; grants the lender (or trustee) the right to sell the property upon certain default. The property is to be sold at auction but court authority is unnecessary.
A legal remedy of a mortgage where the debt is repaid by selling the property.
A legal remedy of a mortgagee through which a mortgaged property is sold to repay the mortgage debt.
A provision in a mortgage agreement that grants the lender (or trustee) the right to sell the property upon certain default. The property is to be sold at auction but court authority is unnecessary.
A clause written into a mortgage authorizing the mortgagee to sell the property in the event of default.
The right of a mortgagee to force sale of the property without judicial proceedings should default occur.
The power to sell a secured property without judicial proceedings when the borrower defaults on payment of the promissory note or by breaching the terms of the loan or deed of trust.
A clause generally inserted in mortgages giving the mortgagee the right and power, on default by the mortgagor of moneys due, to sell the mortgaged property by public auction, private contract or tender.