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Repossession, colloquially repo, is a "self-help" type of action in which the party having right of ownership of a property takes the property in question back from the party having right of possession without invoking court proceedings. The property may then be sold by either the financial institution or third party sellers. [1]
In order to be considered a deed in lieu of foreclosure, the indebtedness must be secured by the real estate being transferred. Both sides must enter into the transaction voluntarily and in good faith. The settlement agreement must have total consideration that is at least equal to the fair market value of the property being conveyed. Sometimes ...
Individuals may resort to self-help when they retrieve property under the unauthorized control of another person or abate nuisances, such as using sandbags and ditches to protect land from flooding. A self-help eviction refers to a commercial landlord's common law right to peaceably reenter their property to evict a defaulting tenant or other ...
In response, a slight majority of U.S. states have adopted nonjudicial foreclosure procedures in which the mortgagee (or more commonly the mortgagee's servicer's attorney, designated agent, or trustee) gives the debtor a notice of default (NOD) and the mortgagee's intent to sell the real property in a form prescribed by state statute; the NOD ...
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Real estate mobbing, also known as property mobbing, is the use of mobbing (group bullying) techniques by real estate speculators to constructively or forcibly evict a resident from their dwelling. The United Nations has recognized real estate mobbing as a worldwide cause of forced eviction. [ 19 ]