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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".
2. Mortgage forbearance. Mortgage forbearance is an option that can help homeowners prevent foreclosure by temporarily pausing or reducing mortgage payments during financial hardships. But the ...
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 ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
Acting quickly during preforeclosure can help homeowners stay in their homes or avoid foreclosure. Missing a few monthly mortgage payments is a predicament that can happen to almost any homeowner ...
The ideal strategy is to make full and timely mortgage payments to avoid late fees or, potentially, foreclosure. If you find that late or missed payments are likely, call your loan servicer as ...
A foreclosure rescue scheme is a scam that targets those whose house is facing potential foreclosure. The scheme preys on desperate homeowners whose mortgages are in default by offering to prevent the foreclosure.