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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 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.
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.
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 ...
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 ...
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 addition, foreclosure is the process that a lender starts when you stop paying your mortgage. So, a deed in lieu of foreclosure is the legal process in which the title of a home (the deed) is ...
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.