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Glossary of Eviction Terms

Deed-in-lieu of Foreclosure

A process in which a borrower conveys all interest in their property to a lender to satisfy all delinquencies and avoid foreclosure.

Loan Modifications

A written agreement between a borrower and a lender to change the terms of a loan.

Notice of Default

A document filed by a lender in the County Recorder’s office stating that the borrower is delinquent on their mortgage obligations.  A Notice of Default is usually filed when a borrower is at least 60-90 days behind on their mortgage payments.  After the notice is filed, a borrower has 90 days to bring their account current and reinstate the loan.

Notice of Trustee’s Sale

If a homeowner does not bring their late mortgage payments current within 90 days after a Notice of Default is recorded, the lender can file and record a Notice of Trustee’s Sale.  The Notice of Trustee’s Sale will set for a public auction of the property no sooner than 20 days after the filing date.  The Notice of Trustee’s Sale must also be published in the newspaper for three consecutive weeks prior the sale of the property.

Partial Claim (for FHA Loans only)

This is a strategy available on FHA loans only where the lender will work with The Department of Housing and Urban Development (HUD) and if the homeowner qualifies, the homeowner gets a one time payment from the FHA Insurance Fund to bring their loan current.

Reinstatement

A process by which a defaulted loan is brought current by paying all past-due amounts owing.

Repayment Plan

An agreement between a borrower and a lender to repay a delinquency to the satisfaction of both parties.

Short Sale

When a property is sold for less than the amount owed on it.  The bank will sometimes accept an amount less than what is owed to satisfy the mortgage debt to avoid foreclosure proceedings.

Trustee’s Deed Upon Sale

When a property is sold to a new owner, the trustee will prepare a Trustee’s Deed Upon Sale, a document filed with the County Recorder’s office which transfers ownership of the property to the new owner.

Three Day Notice to Quit

A written notice informing a prior owner that they have 3 days in which to vacate the property.

Unlawful Detainer

A legal action filed by a property owner to petition a court to issue a Writ of Possession.

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