COMMON FORECLOSURE TERMINOLOGY

• 
  
  Accelerate: an option given to lenders through an "acceleration" clause in the mortgage or deed of trust requiring the borrower to pay the entire balance of the loan all at once if their loan is in default


• 
  
  Affidavit: a sworn statement in writing usually given while under oath or in the presence of a notary.


• 
  
  Appraisal: the process in which a licensed or authorized person gives an estimate of property value.


• 
  
  Appreciation: the difference between the increased value of the property and the original value.


• 
  
  Bid: the offered amount a property for sale at auction


• 
  
  Certificate of Sale: adocument given to the winning bidder at a foreclosure sale stating their rights to the property once the borrowers redemption period has expired.


• 
  
  See more at: www.foreclosurelaws.org/glossary.htm