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| You
will find this Glossary useful in understanding words or terms used in Real
Estate transactions. However, there are some factors that may affect the
following definitions: |
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1.
Terms are defined as commonly understood in the mortgage and real estate
industry. The same terms may have different meanings in other context.
2. The definitions are intentionally short and non-technical. They do
not include all possible meanings that a term may acquire in legal
use.
3. State laws may modify or change the meanings of certain terms defined. |
Foreclosure
A legal term applied to any of the various methods of enforcing payment
of the debt secured by a mortgage, or deed of trust, by taking and selling
the mortgaged property, and depriving the mortgagor of possession. |
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