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Foreclosure by judicial sale, commonly called judicial foreclosure, involves the sale of the mortgaged property under the supervision of a court. The proceeds go first to satisfy the mortgage, then other lien holders, and finally the mortgagor/borrower if any proceeds are left.
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 ...
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 ...
Mortgage and foreclosure were used as a means by the Dutch and other colonists to acquire land from native peoples in North America. This was a successful endeavor partially due to cultural differences in the understanding of land ownership. The practice followed a series of steps.
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 ...
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.
Foreclosure investment refers to the process of investing capital in the public sale of a mortgaged property following foreclosure of the loan secured by that property.. In real estate, foreclosure is the termination of the equity of redemption of a mortgagor or the grantee in the property covered by the mortgage.
Defaulting on mortgage payments could prompt your lender to initiate a foreclosure proceeding against you. If you're unable to get caught up on payments, that could result in the loss of the home.