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The types of foreclosures that can occur depend on your home state and mortgage terms. Some foreclosures involve legal action (judicial foreclosures), and others do not (non-judicial foreclosures ...
Foreclosures are handled differently in each state. In some jurisdictions, foreclosures go through the courts ((known as judicial foreclosures). In others, these matters are handled outside of the ...
The proceeds go first to satisfy the mortgage, then other lien holders, and finally the mortgagor/borrower if any proceeds are left. Judicial foreclosure is available in every US state and required in many (Florida requires judicial foreclosure). The lender initiates judicial foreclosure by filing a lawsuit against the borrower. As with all ...
Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
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.
State rules differ on how long you’ll have before a foreclosure sale takes place, however. If you find yourself in this situation, here are some of the best ways to prevent foreclosure. 8 ways ...