Glossary and Terminology

The terms included in the glossary are defined according to use in this software application.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

APN—abbreviation for the Accessor's Parcel Number.

Auction—opportunities indicate those properites in which the owners have received a Notice of Trustee Sale, and that a date and time have been set when the property will be sold at the specified sale location. Auction opportunities are included in search results until the auction is cancelled, or the property is sold. Auction properties are identified by the icon.

Bank owned—properties that have been sold at auction, and went back to the bank within the past 120 days. Bank owned properties are identifies by the icon. Also known as REO (Real Estate Owned).

Bankruptcy—when a homeowner files for bankruptcy protection it puts an automatic stay on all debt collection actions, including foreclosure. Note that bankruptcy does not stop foreclosure as many believe. Instead it simply delays the sale of the property until the homeowner resolves the debt, or in most cases, the lender gets approval from the bankruptcy court to continue the sale… an order granting motion for relief from stay. The bottom line is that a home is a secured debt and the lender has the right to take the security (the home) if the homeowner lacks the ability to pay the debt as agreed. Bankruptcy is only an effective tool against foreclosure if the homeowner will have sufficient income to pay their home loan and make up past due amounts once the bankruptcy plan is completed. As outlined in outlined in 2924 g (c) (1).

Beneficiary's Request—a simple decision by the lender (beneficiary) to postpone the sale. Could be for any reason, including that they simply aren’t prepared to take the property to sale, or because they have reason to believe they are about to be paid (a closed escrow for which they have not yet received payment for example). As outlined in outlined in 2924 g (c) (1).

Cancelled—indicates that the auction for a property was called off. Cancelled properties are identified by the icon.

Default Amount—the amount in which the owner is behind in their payments as of the default date.

Lender— the name of the foreclosing lender that provided the loan.

Loan Amount—the original amount of the loan in foreclosure.

Multiple—a foreclosure type identifying a property as having more than one loan in foreclosure.

Mutual Agreement—the most common postponement reason it simply indicates that the homeowner and the lender have agreed to postpone the sale. This may be the result of a phone call where the homeowner has requested a little more time, or a more formal agreement like forbearance. Many homeowners do not realize when they enter a forbearance agreement that the foreclosure process continues and if they miss an agreed upon payment the property can be sold on the next scheduled sale date with no further notice. As outlined in outlined in 2924 g (c) (1).

Opening Bid—the amount at which bidding will start for the property. This amount may be discounted from the Sale Amount; typically it will be higher than the Sale Amount if the sale was postponed.

Operation of Law—fairly rare, but used when a court orders the postponement of the sale. The most likely reasons for a court to make such an order would be in a cases where there is a plausible allegation of fraud against the lender, or there are questions of material fact around the right of the lender to foreclose. As outlined in outlined in 2924 g (c) (1).

Original Date—the original auction date for the Trustee Sale.

Preforeclosure—a property in the first step of the foreclosure process. Property owners have been sent a Notice of Default within the last 120 days. Preforeclosure properties are identified by the icon.

Prior Sale Date—the previous date, if any, the property was scheduled for sale.

Property Type—available types of properties to search on include Single Family, Condominium, Multi-Family 2-4, Multi-Family Apartment 5+, Other Residentail, Commercial, Industrial, Agricultural, Land, Other, Unknown. Use the Property Profile menu to select property types.

Sold to Third——indicates that a property was sold at auction to someone other than the bank that owned the note. Sold to Third properties are identified by the icon.

Trustee—the name of the trustee handling the foreclosure.

Trustee Sale Number—also known as TS #, this number is the trustee's way of tracking the property.

Trustee's Discretion—a simple decision by the trustee to postpone the sale. The most typical reason is that they are unable to reach the lender for sale instructions. As outlined in outlined in 2924 g (c) (1).

Winning Bid—the amount at which the property sold at auction will be the same as Opening Bids if sold back to the bank.