A procedural step requiring mortgage lenders to publicize their intention to foreclose on a property due to a borrower's default. This notice is meant to inform the public and the property owner of the impending foreclosure action.
A clause sometimes inserted in mortgages or deeds of trust; grants the lender (or trustee) the right to sell the property upon certain defaults. The property is to be sold at auction but court authority is unnecessary.
A tax sale is the sale of property after a period of nonpayment of taxes, where the purchaser receives a tax deed. The defaulting owner typically has a redemption period to reclaim the property by paying owed amounts.
A trustee's sale is a type of foreclosure sale conducted by a trustee under the stipulations of a deed of trust, where the property is auctioned off to recover the owed debt.
