A written document submitted by the buyer to the seller containing the price and conditions under which the property is offered to be purchased.
A governmental agency that acts as a trustee for purposes of effectuating a foreclosure sale. In most states, the trustee is a private entity acting on behalf of the lender as an agent.
A legal requirement used primarily in California that indicates that a lender may only file and pursue one legal action in the event of a loan default. This may be an action on the note or a foreclosure of the property – but not both. This is designed to prevent deficiency actions on a note contemporaneously with the foreclosure of the property. If the foreclosure is the route taken and the property is sold for less than the amount of the loan, there can be no deficiency.
A single bid at a foreclosure sale based on a fixed written submission.
A reference to a legal foreclosure action conducted through the courts in Louisiana.
The total amount of principal owed on a mortgage before any payments are made and the same is amortized.
An up front fee paid to a lender for processing a loan application. The origination fee may be stated in the form of points. One point is one percent (1%) of the mortgage amount.
A front-end fee to a lender originating a particular loan. See origination fee and point.
A property purchase transaction in which the property seller provides all or part of the financing. Also known as seller take back.