Related to Foreclosure

Mortgage lawA mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt, usually a mortgage loan. Hypothec is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien. A mortgage in itself is not a debt, it is the lender's security for a debt.

Equity of redemptionThe equity of redemption refers to the right of a mortgagor to redeem his or her property once the debt secured by the mortgage has been discharged. OverviewHistorically, a mortgagor (the borrower) and a mortgagee (the lender) executed a conveyance of legal title to the property in favour of the mortgagee as security for the loan.

RepossessionLegal right to take back property Repossession, commonly referred to as repo, is a "self-help" type of action in which the party having the right of ownership of a property takes the property in question back from the party having right of possession without invoking court proceedings. The property may then be sold by either the financial institution or third party sellers.

Cloud on titleIn United States property law, a cloud on title or title defect is any irregularity in the chain of title of property (usually real property) that would give a reasonable person pause before accepting a conveyance of title. According to Investopedia, a cloud can be defined as: "Any document, claim, unreleased lien or encumbrance that might invalidate or impair the title to real property or make the title doubtful. Clouds on title are usually discovered during a title search."

Security interestLegal right between a debtor and creditor over the debtor's property (collateral) Part of a series onFinance Markets Assets Asset (economics) Bond Asset growth Capital asset Commodity Derivatives Domains Equity Foreign exchange Money Over-the-counter Private equity Real estate Spot Stock Participants Angel investor Bull (stock market speculator) Financial planner Investor institutional Retail Speculator Locations Financial centres Offshore financial centres Conduit and sink OFCs Instruments Bond Cash Collateralized debt obligation Credit default swap Time deposit (certificate of deposit) Credit line Deposit Derivative Futures contract Indemnity Insurance Letter of credit Loan Mortgage Option (callexoticput) Performance bonds Repurchase agreement Stock Security Syndicated loan Synthetic CDO Corporate General Accounting Audit Capital budgeting Capital structure Corporate finance Credit rating agency Enterprise risk management Enterprise value Risk management Financial statements Transactions Leveraged buyout Mergers and acquisitions Structured finance Venture capital Taxation Base erosion and profit shifting (BEPS) Corporate tax haven Tax inversion Tax haven Transfer pricing Personal Credit / Debt Employment contract Financial planning RetirementStudent loan Public Government spending Final consumption expenditure OperationsRedistribution Transfer payment Government revenue TaxationDeficit spending Budget (balance)Debt Non-tax revenue Warrant of payment Banking Central bank Deposit account Fractional-reserve Full-reserve Investment banking Loan Money supply Lists of banks Bank regulation Banking license Basel Committee on Banking Supervision Bank for International Settlements Financial Stability Board Deposit insurance Separation of investment and retail banking Regulation · Financial law International Financial Reporting Standards ISO 31000 Professional certification Fund governance Economic history Private equity and venture capital Recession Stock market bubble Stock market crash Accounting scandals Outline Business and Economics portal Money portalvte In law and finance, a security interest is a legal right that a secured party has over secured assets.

Collateral (finance)In lending agreements, collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan. The collateral serves as a lender's protection against a borrower's default and so can be used to offset the loan if the borrower fails to pay the principal and interest satisfactorily under the terms of the lending agreement. The protection that collateral provides generally allows lenders to offer a lower interest rate on loans that have collateral.

LienA lien ( or ) is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienee and the person who has the benefit of the lien is referred to as the lienor or lien holder. The etymological root is Anglo-French lien or loyen, meaning "bond", "restraint", from the Latin ligamen, from ligare "to bind".

Default (finance)Financial failure to meet legal conditions of a loan Part of a series onFinance Markets Assets Asset (economics) Bond Asset growth Capital asset Commodity Derivatives Domains Equity Foreign exchange Money Over-the-counter Private equity Real estate Spot Stock Participants Angel investor Bull (stock market speculator) Financial planner Investor institutional Retail Speculator Locations Financial centres Offshore financial centres Conduit and sink OFCs Instruments Bond Cash Collateralized debt obligation Credit default swap Time deposit (certificate of deposit) Credit line Deposit Derivative Futures contract Indemnity Insurance Letter of credit Loan Mortgage Option (callexoticput) Performance bonds Repurchase agreement Stock Security Syndicated loan Synthetic CDO Corporate General Accounting Audit Capital budgeting Capital structure Corporate finance Credit rating agency Enterprise risk management Enterprise value Risk management Financial statements Transactions Leveraged buyout Mergers and acquisitions Structured finance Venture capital Taxation Base erosion and profit shifting (BEPS) Corporate tax haven Tax inversion Tax haven Transfer pricing Personal Credit / Debt Employment contract Financial planning RetirementStudent loan Public Government spending Final consumption expenditure OperationsRedistribution Transfer payment Government revenue TaxationDeficit spending Budget (balance)Debt Non-tax revenue Warrant of payment Banking Central bank Deposit account Fractional-reserve Full-reserve Investment banking Loan Money supply Lists of banks Bank regulation Banking license Basel Committee on Banking Supervision Bank for International Settlements Financial Stability Board Deposit insurance Separation of investment and retail banking Regulation · Financial law International Financial Reporting Standards ISO 31000 Professional certification Fund governance Economic history Private equity and venture capital Recession Stock market bubble Stock market crash Accounting scandals Outline Business and Economics portal Money portalvte Part of a series onInsolvency Core concepts Insolvency Financial distress Default Sovereign default Bankruptcy alternatives History of bankruptcy law Insolvency processes Liquidation Provisional liquidation Receivership Administration Restructuring Scheme of arrangement Pre-packaged insolvency Dissolution Bankruptcy Officials & tribunals Insolvency practitioner Liquidator Trustee in bankruptcy Referee in Bankruptcy Tribunal Regulatory agency Claimants & rights Creditor Secured creditor Preferential creditor Unsecured creditor Creditors' rights Debtor Pari passu Subordination Anti-deprivation rule Avoidance regimes & offences Fraudulent conveyance Undervalue transaction Unfair preference Voidable floating charge Trading while insolvent Wrongful trading Fraudulent trading Misfeasance Security interests Security interest Floating charge Lien Mortgage Second lien loan International & cross-border Cross-border insolvency UNCITRAL Model Law EU Insolvency Regulation By country & region Anguilla Australia BVI Canada Cayman China Hong Kong India Ireland Examinership Russia South Africa Switzerland United Kingdom CVA IVA Administration United States Chapter 7 Chapter 9 Chapter 11 Chapter 15 Conservatorship Cram down Law portal Outline Lists Index Categoryvte In finance, default is failure to meet the legal obligations (or conditions) of a loan, for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity.

Fee simpleIn English law, a fee simple (pl.fees simple) is one of the estates in land recognised at common law. A "fee" is a vested, heritable, present possessory interest in land. A "fee simple" is land held without being subject to a term of years (i.e., indefinitely), and thus a form of freehold ownership.

AssetIn financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent the value of ownership that can be converted into cash (although cash itself is also considered an asset). The balance sheet of a firm records the monetary value of the assets owned by that firm.

CreditorA creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property and service. The second party is frequently called a debtor or borrower.

Court of equityA court of equity, also known as an equity court or chancery court, is a court authorized to apply principles of equity rather than principles of law to cases brought before it. These courts originated from petitions to the Lord Chancellor of England and primarily heard claims for relief other than damages, such as specific performance and extraordinary writs.