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Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
A mortgage involves a contract between a borrower and a mortgage lender in which the lender agrees to provide money upfront while the borrower agrees to repay the debt over time and with interest ...
Various objects can be repossessed, including boats and aircraft, but most repossession agencies focus on car repossession. The repo agent normally uses a tow truck or pickup truck with a special towing attachment called a boom. They also may obtain the key from the car owner. Usually, the vehicle owner must be notified of a repossession.
REO sale property in San Diego, California. 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]
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the collateral [1]) which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. [2]
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 ...
Self-help, in the context of a legal doctrine, refers to individuals exercising their rights without resorting to legal writs or consulting higher authorities. This occurs, for example, when a financial institution repossesses a car on which it holds both the title and a defaulted note.
Upon default, the mortgagee proceeds against lot X first, the mortgagor. If foreclosure or repossession of lot X does not fully satisfy the debt, the mortgagee proceeds against lot Z (Charlie), then lot Y (Bob). The rationale is that the first purchaser should have more equity and subsequent purchasers receive a diluted share.