A trustee sale is the final stage of a non-judicial foreclosure. When a homeowner defaults on their mortgage, the property may be sold at a public auction conducted by a trustee. The purpose is to recover the unpaid loan balance, and the sale often happens quickly without court involvement.

Eviction is the legal process through which a landlord removes a tenant from a rental property. It usually begins with a notice (such as for non-payment of rent or lease violations), followed by a court case. If the landlord wins, the tenant must vacate the property within the timeframe set by law.

Surplus funds arise when a foreclosed property is sold at auction for more than the debts owed (mortgage, taxes, liens). The extra money, called “excess proceeds,” typically belongs to the former homeowner or their heirs. Many people are unaware they may be entitled to claim these funds.

A loan modification is a change in the terms of an existing mortgage to make payments more affordable. It may involve lowering the interest rate, extending the loan term, or adding missed payments to the balance. This option is often used to help homeowners avoid foreclosure during financial hardship.

Refinancing means replacing your current mortgage with a new one, usually with better terms. Homeowners refinance to lower monthly payments, reduce interest rates, or access home equity. It can be a financial strategy to improve affordability or restructure debt.

Bankruptcy is a legal process that allows individuals or businesses unable to pay their debts to seek relief through the courts. Depending on the type (such as Chapter 7 or Chapter 13 in the U.S.), bankruptcy can involve liquidating assets or restructuring debts to provide a fresh financial start.