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Foreclosure is the process in which a mortgage lender takes control of your home because you didn’t make your payments. In short, it’s a situation you want to avoid.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust".
Foreclosure rescue in the United States is where a mortgage that is in arrears and where the lender is at the stage of foreclosing on the loan agrees to stop the foreclosure in exchange for funds received through loan modification or from a government grant. It may also refer to funds that allow the homeowner to repurchase the property at or ...
The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. [2] A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a ...
Key takeaways. If you’re facing foreclosure, the right of redemption gives you a legal pathway to keep or regain your home, by paying back the entire outstanding loan, plus interest and fees.
A deed in lieu of foreclosure is generally a last-resort step taken by a homeowner to avoid a foreclosure, says Alesia Parker, branch manager at Silverton Mortgage, an Atlanta-based residential ...
The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (see below), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure. [1]
A foreclosure makes it hard to get a mortgage and other types of credit in the future, however, so this should be a last resort, not your first option. If your hardship is temporary, your lender ...