A special proceeding under federal, or in some instances state, laws by which
the property of a debtor is protected by the court and may be divided among
the debtor's creditors and the debtor.
Bona Fide Purchaser
One who buys property in good faith, for fair value, and without notice of
any adverse claim or right of third parties.
Breach of Contract
Failure to perform a contract, in whole or part, without legal excuse.
A payment to the lender from the seller, buyer, third party, or some combination
of these, causing the lender to reduce the interest rate during the early years
of a loan. The buydown is usually for the first one to five years of the loan.