Posted on April 16th, 2013
In a blog post dated April 1, 2013, we reported that the rapid decline in foreclosure sales and short sales since January 1 was likely due to government intervention. At the time of publication we listed the California Homeowner Bill of Rights and the $25 Billion National Mortgage Settlement as the primary drivers of the [...]
Posted on September 21st, 2012
Home owners may have so many distinctive ways on how foreclosure process goes. Will we have here the U.S. government ways on how a foreclosure goes? So that if any discrepancies might happened then banks and lenders are incapable of having the business:
Foreclosure processes are different in every state. If you are worried about making your mortgage payments, then you should learn about your state’s foreclosure laws and processes. Differences among states range from the notices that must be posted or mailed, redemption periods, and the scheduling and notices issued regarding the auctioning of the property. However, a general understanding of what to expect can be found on our foreclosure timeline.
Three types of foreclosures may be initiated at this time:
Judicial Foreclosure. All states allow this type of foreclosure, and some require it. The lender files suit with the judicial system, and the borrower will receive a note in the mail demanding payment.
Power of Sale. This type of foreclosure, also known as statutory foreclosure, is allowed by many states if the mortgage includes a power of sale clause. After a homeowner has defaulted on mortgage payments, the lender sends out notices demanding payments.
Strict Foreclosure. A small number of states allow this type of foreclosure. In strict foreclosure proceedings, the lender files a lawsuit on the homeowner that has defaulted.
This will be a fortress for home owners and lenders on knowing the legal ways and actions putting into regulations to protect the people from any bias moves and illegal actions. There will be additional process on the banks policies but always remember to have a proper guise straight form the U.S. government of America.
Some states allow the creditor to place a personal judgment on the debtor for the balance owed after the sale. But if the debtor is not able to cure the default within this time period, the property is seized and sold, with the proceeds going first to the primary lien holder and to others who hold liens on the property, with any remaining balance, if any, going back to the borrower.
In that way you can always look up to foreclosure sites on new updates and the government sites that are legal actions will have its dues.
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