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Foreclosure of chattel mortgages (mortgage of movable property) are governed by Sec. 14 of Act No. 1506, which gives the mortgagee the right to sell the chattel at a public sale. It has also been held that as regards chattel mortgages, the law does not prohibit that the foreclosure sale be done privately if it is agreed upon by the parties. [49]
A foreclosure occurs when a lender takes control over a property from a borrower for failing to make timely payments. A foreclosure can damage your credit score and result in loss of property. As ...
Each state prescribes particular or specific laws when it comes to the process of foreclosure and the notices required. The TSG is an assurance to both the lender and the foreclosure attorney against the losses that are incurred up to the balance of the loan as a result of the errors in the Trustee Sale Guarantee.
The foreclosure process is not as simple as the borrower simply failing to pay the monthly mortgage on time and the bank taking ownership of the property. The process varies depending on each ...
Foreclosure is the subsequent and more final phase of the process, in which the lender takes possession of the home and may sell it to recover the loan balance, forcing the current owner to leave ...
If there are no interested bidders, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of the foreclosure property, such as with a mortgage loan made at a high loan-to-value during a real estate bubble. As soon as the beneficiary ...
Key takeaways. Preforeclosure begins when a homeowner has missed several monthly mortgage payments (often three consecutive payments in a row). Preforeclosure indicates that the lender is legally ...
Strict foreclosure is also an effective remedy where the value of the goods foreclosed is the equivalent of the debt due and owing, and the creditor can easily sell the goods for that value. In order to effect a strict foreclosure, the creditor must transmit a proposal indicating their desire to foreclose, which must be sent to the debtor and ...