Trustee's sale

When a lender sells your property to pay for a mortgage in default

Most deed of trusts have a "power of sale" clause, giving the trustee, a neutral party who acts on behalf of the lender, the right to a trustee's sale. A trustee's sale varies from state to state, but in general the trustee advertises the property's sale and then auctions off the property to the highest bidder. Note that some mortgages contain a power of sale clause, giving the lender the right to foreclose without taking you to court first.

See Also:	Foreclosure, Deed of trust
Compare To:	Judicial foreclosure

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Trustee's sale

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