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Bob's Info World
Foreclosure |
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| Foreclosure is the legal preceding by which a borrower's right to a mortgaged property are terminated. This occurs when the borrower fails to live up to the obligation agreed to; in the loan contract. Most often, the violation of the mortgage is a default in payment causing the lender to foreclosure on the property through a court-decree. There are a few types of foreclosure some are: Foreclosure by judicial sale, Which involves the sale of the mortgaged property under supervision of a court. Upon sale of the property, proceeds first go to satisfy the mortgage; then other lien holders; and finally the mortgagor/borrower if any proceeds are left. Foreclosure by power of sale, (allowed by many states) are actually deeds of trust. This foreclosure process involves the sale of the property by the mortgage holder. As with a judicial sale, the mortgage holder and other lien holders are satisfied first, all done without court supervision. Check Out:
4 Misconceptions About Foreclosure That Will Cost You BIG! |
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