Apartment Foreclosure Key Terms

Know apartment foreclosure key terms to avoid facing a foreclosure proceeding

By Rachel Davy, Writer/Editor

There is a lot of information available for apartment owners who are having difficulty keeping up with mortgage payments and are concerned with facing a foreclosure proceeding. The U.S. Department of Housing and Urban Development (HUD)provides homeowners with resource assistance as well as counseling to help them learn how to navigate foreclosure. There are apartment foreclosure key terms that apartment owners should learn to help them understand the various aspects and regulations regarding foreclosure. Learn these key terms to take the stress out of foreclosure proceedings and keep your apartment.

Foreclosure avoidance counseling

Foreclosure avoidance counseling is offered by the U.S. Department of Housing and Urban Development(HUD) to help homeowners avoid foreclosure. HUD provides a state-by-state listing of foreclosure avoidance counseling services and programs that include the Homeowner Affordability and Stability Program (HASP) which helps apartment and homeowners modify loan refinancing so that they can keep their residences.
Try: Learn about foreclosure avoidance counseling available from the U.S. Department of Housing and Urban Development (HUD).

Deed-in-lieu of foreclosure

Deed-in-lieu of foreclosure allows those who have borrowed on loans to be immediately released from their debt by giving the property rights to the loan lender. Borrowers who aren't able to make monthly apartment or house payments or sell their residences may be eligible for deed-in-lieu foreclosure. This type of foreclosure protects borrowers from being listed in public notices as having a foreclosure proceeding.
Try: Find information about deed-in-lieu of foreclosure at American Foreclosure Specialists.

Certificate of sale

When a bidder wins a property at a foreclosure sale, they receive a certificate of sale. The certificate of sale states their rights to the property once the original borrower's redemption period has expired. The redemption period varies according to state.
Try: Learn about apartment foreclosure certificates of sale at Realty Trac.

Tax lien foreclosure

A tax lien foreclosure is a foreclosure filed against a person who has failed to pay their property taxes. Tax lien foreclosures are different from bank foreclosures because bank foreclosures are due to defaults in mortgage loan payments. Many investors buy tax lien foreclosures because they can purchase luxury apartments and homes beneath their property value.
Try: Gather information about tax-lien foreclosures at Foreclosure Warehouse.com.

Lis pendens

Lis pendens literally means "suit pending" and refers to recorded notices of pending foreclosure litigation or lawsuits that have to do with property. A lis pendens title is dependent on where the property is located.
Try: Review the information about apartment foreclosure lis pendens at California Lis Pendens.

Deficiency judgment

A deficiency judgment is a judgment lien against a borrower whose foreclosure sale failed to produce enough funding to a deficient mortgage in full. Debtors who have a deficiency judgment filed against them should work with an attorney to seek remedies including appeals, motions and bankruptcy.
Try: Find out about deficiency judgment at Solve Your Foreclosure.