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A short sale happens when a home is sold for less than the mortgage balance with the lender’s approval. It’s an option for homeowners facing financial hardship and a property value decline.
In the United Kingdom, true foreclosures are quite uncommon, with mortgage possession (or alternatively, repossession) being more common. In the case of mortgage possession or repossession, if the home is sold or auctioned for a price that exceeds the loan balance, those funds are returned to the consumer.
When a provision of law requires that repossession takes place, the lien holder has a non-delegatable obligation not to cause a breach of the peace (which is synonymous with disturbing the peace) in performing the repossession or the repossession will be reversed, and the party ordering the repossession will be liable for damages (or the lienholder will be held responsible).
Once goods have been repossessed, the creditor must issue a post-possession notice, [12] in the form prescribed in Schedule 2 of the Act, [13] and serve it on the debtor within 21 days of the repossession. Failure to do so means that the creditor is not allowed to recover the costs of repossession from the debtor. [14]
If you're the kind of person who hates to clean for company, perhaps you might see a subplot in the actions of an Ohio man who bulldozed his $350,000 house rather than surrender it to a ...
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 ...
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