Monday, December 07, 2009
When owner of the property is not in a position to pay monthly mortgage amount on time to lender, then lender can legally repossess or sell the property. There are three types of foreclosure.
Foreclosure by power of sale is not under supervision of court and is controlled by the mortgage lender. Lender or banker sells the property and proceeds are distributed first to the terms of loan and then to the mortgager.
In strict foreclosure, court orders borrower to pay the loan amount within specified amount of time and if he fails to then the title is returned to lender with no obligation to sell.
By learning different foreclosure terms, consumer can take efforts to stop foreclosure and save his or her home.
- Judicial Sale
- Foreclosure by the power of sale
- Strict foreclosure
Foreclosure by power of sale is not under supervision of court and is controlled by the mortgage lender. Lender or banker sells the property and proceeds are distributed first to the terms of loan and then to the mortgager.
In strict foreclosure, court orders borrower to pay the loan amount within specified amount of time and if he fails to then the title is returned to lender with no obligation to sell.
By learning different foreclosure terms, consumer can take efforts to stop foreclosure and save his or her home.
Labels: Basics of Foreclosure
posted by Avoid foreclosure, We buy houses, Stop foreclosure
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