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A foreclosure occurs when a lender takes control over a property from a borrower for failing to make timely payments. A foreclosure can damage your credit score and result in loss of property. As ...
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]
The foreclosure process is not as simple as the borrower simply failing to pay the monthly mortgage on time and the bank taking ownership of the property. The process varies depending on each ...
Foreclosure is the subsequent and more final phase of the process, in which the lender takes possession of the home and may sell it to recover the loan balance, forcing the current owner to leave ...
In the United States, the Trustee Sale Guarantee (TSG) is the title guarantee that is issued at the beginning of a foreclosure.TSG helps the foreclosing trustee and beneficiary through the delivery of the information required in ensuring compliance with the statutes of foreclosure stipulated by the state.
Strict foreclosure is an effective remedy where the creditor has a need or use for the physical property itself. For example, a seller of goods that forecloses on goods in which it had a purchase money security interest (PMSI) may then return the foreclosed goods to its inventory and resell them at its leisure. Similarly, a company that ...
A foreclosed home is sold “as is,” so if it needs repairs, you will need to do them. It may take longer to close and finalize a foreclosed home purchase. There is the possibility of the sale ...
If there are no interested bidders, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of the foreclosure property, such as with a mortgage loan made at a high loan-to-value during a real estate bubble. As soon as the beneficiary ...