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Lenders may also accelerate a loan if there is a transfer clause, obligating the mortgagor to notify the lender of any transfer, whether; a lease-option, lease-hold of 3 years or more, land contracts, agreement for deed, transfer of title or interest in the property. The vast majority (but not all) of mortgages today have acceleration clauses.
When a provision of law requires that repossession takes place, the lien holder has a non-delegatable obligation not to cause a breach of the peace (which is synonymous with disturbing the peace) in performing the repossession or the repossession will be reversed, and the party ordering the repossession will be liable for damages (or the lienholder will be held responsible).
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 ...
A real estate contract typically does not convey or transfer ownership of real estate by itself. A different document called a deed is used to convey real estate. In a real estate contract, the type of deed to be used to convey the real estate may be specified, such as a warranty deed or a quitclaim deed. If a deed type is not specifically ...
Civil recovery is the method in some legal systems employed to recover the proceeds of crime, instead of, or in addition to, criminal court proceedings. [1]Many retailers, or agents acting on their behalf, utilize civil recovery to recover the value of property (including intellectual property) obtained through unlawful conduct (i.e. theft, burglary, larceny, fraud etc.).
the action (suit) of replevin itself (at common law, the ordinary action for the recovery of goods wrongfully taken would be one of detinue; but no means of immediate recovery liable to be seized). Replevin is used when the party having the right of property cannot simply invoke self-help and take the property back.
Know the Law. The process of repossession is intrusive and frustrating and can be intimidating. The laws are murky and vary from state to state, but a court order is almost never needed for 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.