An auction is a method of selling property to the highest bidder. This process is utilized for a variety of real estate transactions and can involve different bidding procedures. The property is ultimately sold to the highest bidder.
A deficiency judgment is a court order that mandates the borrower to pay the outstanding balance on a loan when the collateral or security for that loan does not entirely cover the defaulted debt.
Tax foreclosure is the process of enforcing a lien against property for nonpayment of delinquent property taxes. Taxing authorities hold a superior lien against all taxable property to enforce the payment of their taxes.
