Definition: A sale of real estate, usually at auction, resulting from foreclosure for default on a deed of trust. Following the sale, the neutral, third-party trustee distributes the proceeds according to the stipulations of the deed of trust. Usually the proceeds are used to pay the outstanding balance due to the beneficiary (the lender). Any remaining funds are then disbursed to lienholders and then the trustor (the borrower).
Terms, Definitions, and Concepts: Auction, Finance and Investment, Legal (Law), Management, Real Estate, Title and Title Insurance