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Foreclosure Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
non-conveyenceThe term applies to a lenders election to retain a property acquired through foreclosure rather than convey it to FHA or VA.
non-judicial foreclosureA nonjudicial foreclosure does not go to court and is not heard by a judge. It is conducted by the lender or a trustee in accordance with provisions in the mortgage and in accordance with state law pertaining to nonjudicial foreclosures. (See “judicial foreclosure.)
noteA contract between a borrower and a lender. It establishes the amount of the debt, the terms of repayment and the interest rate. The note is generally secured by a mortgage or a trust deed.