Power of Sales Real Estate

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A foreclosure in which a mortgagee or trustee executes a power of sale given in a mortgage or deed of trust and does so in accordance with statutory provisions.

Decree of Foreclosure and sale

A court decree of judgment that establishes the outstanding mortgage debt and orders the property sold to satisfy the debt.

Judicial Power of Sale

A judgment that order real property that is secured by debt to be sold under Power of Sale proceedings in order to pay a debt from mortgage or deed of trust. Judicial Power of Sale occur because the party suing chose that route for remedy rather than pursuing the mortgage or deed of trust's Power of sales provisions. Parties will usually seek judicial foreclosures to receive a deficiency judgment for any money that is owed after the foreclosure sale. A lawsuit for judicial foreclosure may assist the party in recovering the total amount due if it was secured by the debtor's real property because many states limit the recovery amount of sale proceeds in foreclosures on the deed of trust.

Foreclosure(Power of Sale) Sale

A sale of property upon default of a mortgage to satisfy the debt

Deficiency judgment

A judgment in favour of a creditor for the balance of a debt that is not satisfied in full by the security; especially when such a judgment following the foreclosure of a mortgage

 

Nawel K. Seth, M.A.Sc; MBA; M.V.A.
Broker of Record
Trail Blazers Realty
, Brokerage,
Toronto Tel: 416.630.1999 / 905.660.7999. Toll Free 1.866.890.1999

 

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