Definitions
Judicial Foreclosure (JF): A foreclosure in which a trust deed or mortgage deed does not have a power of sale clause, thus requiring judicial assistance via the courts.
Non-Judicial Foreclosure (NJF): A foreclosure that can be completed outside the court system because a trust deed or mortgage deed has a power of sale clause.
Unsecured Debt: A debt that is not tied to any item of property. A creditor cannot take property to satisfy a debt you default on. The creditor’s solution is to sue you and get a judgment. (Example: Anything purchased with a credit card)
Secured Debt: Debt that is tied to an item of property. A creditor can take the property to satisfy a debt you default on. (Example: Car)
ARM: Adjustable rate mortgage
