Docs, Docs, Docs!
This document is signed by the borrower(s) and represents their promise to repay the money borrowed
What is the Note
This milestone officially kicks off a foreclosure and may take the form of a complaint, publication, or recorded notice
What is 1st Legal
Minor drafting mistakes - such as typos or misspellings - can often be corrected using this type of affidavit
What is a Scriveners Error Affidavit
These two core loan documents must be provided before a foreclosure can be initiated
What are the Note and Mortgage/Deed of Trust
This is the term for the individual who signs the Note and promises to repay the debt
Who is the Obligor (also known as the borrower or guarantor)
This document reflects when the “holder” of the note changes from the original lender
What is an Endorsement or Allonge
This milestone occurs in Judicial and Quasi‑Judicial foreclosures - but not in Non‑Judicial actions
What is Judgment
This type of title defect can arise when documents affecting the same property are recorded out of chronological order
What is a Lien Priority issue
This required “condition precedent” notice must be sent - and fully expired - before foreclosure may proceed
What is a Demand Letter (also known as a Pre‑Foreclosure Notice, Notice of Intent to Foreclose, or Breach Letter)
This is the party whose name appears on the deed as holding title to the property
Who is the Current Owner
This security instrument gives the lender a legal interest in the property until the loan is paid in full
What is a Mortgage or Deed of Trust
This final step of the foreclosure process records in the public land records who the new property owner is
What is the forelcosure deed
This letter is often the first step taken to notify the title company of a defect and request correction or coverage
What is a title claim letter
These documents show the amounts currently due on the loan
What are current figures (such as a reinstatement quote, payoff quote, or payment history)
This is the person who signs the Mortgage or Deed of Trust, granting a security interest in the property
Who is the Mortgagor
This document records the transfer of a security instrument from one mortgagee to another
What is an Assignment of Mortgage (or Assignment of Deed of Trust)
This milestone action transfers ownership of the property from the borrower to a new owner following foreclosure
What is the foreclosure sale
This term refers to the complete, chronological history of ownership and recorded interests affecting a property
What is the Chain of Title
This product provides a chronological history of a property, including ownership changes and recorded liens
What is a Title Search
This is the judicial officer who presides over and issues rulings in a judicial foreclosure action
Who is a Judge
This letter is sent to mortgagors notifying them of their default and the debt owed before foreclosure is initiated
What is a Demand Letter (also known as a Pre‑Foreclosure Notice, Notice of Intent to Foreclose, or Breach Letter)
This milestone occurs only in a Judicial foreclosure and typically requires additional court involvement after the sale
What is the Post Sale Process
This letter, commonly issued by a title company, offers protection against a title defect but is frequently not accepted by investors as a final resolution
What is a Letter of Indemnification
If the named plaintiff does not match the current holder of the note, this document must be obtained to establish standing
What is an Endorsement or Allonge
This term describes individuals who may assume ownership or responsibility for a loan following a borrower’s death
What is an Heir