Foreclosure Glossary

As of Date: Delinquent amount calculated by trustee as of this date.

Assessed Tota:Total value of land and improvements.

Bankruptcy: A legal proceeding which allows a debtor to discharge certain debts or obligations or allows the debtor time to reorganize his/her financial affairs so he/she can fully pay the debt. Bankruptcy does not discharge obligations secured by an assessment lien.

Beneficiary: Another term for lender.

Date Recorded: Original date that notices are filed with the County Recorder's office.

Declaration of Default: A document directing a Trustee to sell the trust property to satisfy a specified and unpaid obligation.

Deed of Trust: A legal document in which the borrower conveys the title to a 3rd party (trustee) to hold as security for the lender. When the loan is paid in full the trustee reconveys the deed to the borrower. If the borrower defaults on the loan the trustee will sell the property and pay the lender the mortgage debt.

Default/Delinquent Amount: Total amount of payments in arrears.

Default Notice Instrument #: Reference number assigned to the Notice of Default by the County Recorder.

Foreclosure: A legal action that terminates all ownership rights in a home when the homebuyer fails to make the mortgage payments or is otherwise in default under the terms of the mortgage.

Improvements: The last assessed value of any improvements attached to the land.

Judicial foreclosure: A foreclosure which results from a court action rather than from the power of sale given to a trustee. Judicial foreclosures occur when a trust deed or mortgage deed does not have a power of sale clause, thus compelling the lender to take the borrower to court. This is in contrast to a non-judicial foreclosure, in which a foreclosure can be completed outside the court system.

Junior Lienholders: These are also know as secondary or other lienholders. It refers to people who have a recorded lien against the property.

Land Total: The last assessed value of the land as recorded by the county assessor or appraiser.

Lien: A claim or charge on property for payment of some debt. With respect to a mortgage, it is the right of the lender to take the title to your property if you do not make the payments due on the mortgage.

Lis Pendens: The lis pendens is a notice that a lawsuit is pending, the outcome of which affects title. A lis pendens is usually filed by the lender to start the foreclosure process under judicial foreclosure (just as a notice of default begins the foreclosure process under non-judicial foreclosure)

Last Payment: The date the defaulted owner first became delinquent.

Loan Amount: Face value of the original loan.

Loan Date: Date of original loan.

Loan #: Loan number assigned by County Recorder.

Mailing Address: Borrower's address if not owner occupied.

Non-Judicial Foreclosure: The power to foreclose on a property without court approval.

Notice of Default: A notice of homeowner’s failure to perform his/her obligations as to the payment of assessments under the Declaration of Covenants, Conditions, and Restrictions (CC&Rs). When recorded, it is the initial step in a Trustee’s Sale Proceeding.

Notice of Trustee’s Sale: A document which is mailed, advertised, posted and recorded. Among other information, it provides the date, time and location of the Trustee’s Sale and also contains a description of the property to be sold.

Noteholder/Trustor: Original borrower. Defaulted property owner.

Opening Bid: Starting price of property at the Trustee's Sale set by the beneficiary.

Page Grid Old/New: Thomas Brothers map page and grid number for the property address.

Parcel Number/APN: Assessor's Parcel Number.

Postponement: A verbal announcement made at the time and place of the scheduled Trustee’s Sale. The announcement establishes the new date and time for the Trustee’s Sale.

Principal Balance: The balance of the principal owed to the lender.

Publication Letter: The authorization from the homeowners association for the Trustee to set the sale date and begin notification and publication of the Notice of Trustee’s Sale.

Pre-Publication Period: This is a statutory minimum time period of three months following the recording of the Notice of Default which the trustee must wait before setting a date for the Trustee’s Sale.

Publication Period: The time period beginning after the Pre-Publication Period and ending with the Trustee’s Sale. During the Publication Period, the Notice of Sale is mailed, advertised, posted and recorded. This time period is approximately 30 days long.

Rescission of a Notice of Default: When signed by the homeowners association or agent and recorded by the trustee, this document removes the effect of the previously recorded Notice of Default.

Sale Date: Auction date set by the trustee.

Situs Address: Property address.

Substitution of Trustee: A written document by which one trustee is appointed in place of another.

Trans Value: The amount paid for the property the last time it was sold.

Trans Date: Last date property was sold.

Trustee: The person or party to whom property is conveyed in trust for the benefit of others. A neutral party in trust deed transaction. Appointed by lender to hold property in trust to secure performance of an obligation.

Trustee’s Deed Upon Sale: A document signed by the Trustee that transfers ownership of the foreclosed property to the successful bidder at a Trustee’s Sale.

Trustee’s Sale: A public auction sale of the property described in a Notice of Default that is the subject of the Trustee’s Sale Proceeding.

Trustee’s Sale Guarantee: A written guarantee from a title company assuring the accuracy and completeness of information provided by that company and necessary to process a non-judicial foreclosure.

TS #/Trustee/Reference Number: Trustee's file number on the property - very important when inquiring on the status of a property with the trustee.

Military Affidavit: A written and sworn statement that, to the best of the homeowners association’s knowledge, the property owner is not in active military service and entitled to any rights under the Soldier’s and Sailor’s Relief Act of 1940.

Zoning code: Zoning code for the property.