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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 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]
Mortgage servicers can permanently adjust the terms of your loan — most often by lengthening the amortization schedule, lowering the interest rate or rolling the delinquent amount into the loan ...
This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the ...
However, getting these letters and notices doesn’t necessarily mean foreclosure is a done deal. ... not a legal one. Always check your mortgage terms to understand what may count as a default.
REO sale property in San Diego, California. 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]
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
The right of redemption is a legal process that gives homeowners who have fallen behind on their mortgage payments the opportunity to keep their home by paying the money they owe, plus interest ...