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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 ...
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 ...
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 ...
A home becomes a bank-owned property after the homeowner defaults on their mortgage and the bank forecloses. Bank-owned properties may also be referred to as real estate owned or REO homes, REO ...
Market foreclosure or vertical foreclosure, is the production limitation put on a producing organisation if either it is denied access to a supplier (upstream foreclosure), or it is denied access to a downstream buyer (downstream foreclosure). [1]
In the United States, the Trustee Sale Guarantee (TSG) is the title guarantee that is issued at the beginning of a foreclosure.TSG helps the foreclosing trustee and beneficiary through the delivery of the information required in ensuring compliance with the statutes of foreclosure stipulated by the state.
A deed-in-lieu of foreclosure involves turning over your home to a lender to avoid foreclosure proceedings. In some instances, going this route could help you avoid paying the remaining loan ...