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Chapter 69

Horizontales
The price paid for the property by the successful bidder at a trustee's sale in excess of the amount of debt and costs due under the foreclosed trust deed.
A mortgage debt in which a lender may pursue collection from a property owner for a loss due to a deficiency in the value of the secured property to fully satisfy the debt if the lender forecloses judicially
When property is sold at a public auction by a trustee a authorized under the power-of-sale provision in a trust deed
A policy issued by a title insurance company to a trustee before or at the time the notice of default is recorded providing coverage fir the trustee should they fail to serve notices on any party of record due to an omission in the guarantee
The maximum amount the foreclosing mortgage holder may bid at a trustee's sale without adding cash , equal to the debt secured by the property being sold, plus trustees fees and foreclosure expenses
Verticales
The cancellation of a contract which restores the parties to the same position they held before they entered into the contract
A trust deed provision authorizing the trustee to initiate a non-judicial foreclosure sale of the described property on instructions from the beneficiary
Negotiations between a mortgage holder and defaulting property owners with the purpose of exploring options to avoid foreclosure
The notice filed to begin the nonjudicial foreclosure process. Generally, the NOD is filed following three or more months of delinquent mortgage payments