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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 ...
Foreclosure of chattel mortgages (mortgage of movable property) are governed by Sec. 14 of Act No. 1506, which gives the mortgagee the right to sell the chattel at a public sale. It has also been held that as regards chattel mortgages, the law does not prohibit that the foreclosure sale be done privately if it is agreed upon by the parties. [49]
Mortgage forbearance is an option that can help homeowners prevent foreclosure by temporarily pausing or reducing mortgage payments during financial hardships. But the forbearance process isn’t ...
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.
The right of redemption is a legal process that gives homeowners who have fallen behind on their mortgage payments the opportunity to keep their home by paying the money they owe, plus interest ...
A mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt, usually a mortgage loan. Hypothec is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien .
Federal law usually requires a homeowner to be more than 120 days overdue before starting foreclosure, but earlier action can occur if there’s no communication with the lender.
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 ...