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Forclosure is a legal process that occurs when a person defaults on a loan. The producer of the loan has the right to foreclose, or take possession of the collateral guaranteeing the loan. The most common type of loans foreclosures involved automobiles and real estate.
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∙ 11y ago
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What are the legal ways to stop foreclosure quickly?
You can first get in writing from the bank that they are agreeable to stop the foreclosing process. Once you are armed with this information you can present it to the process servers who are trying to begin the foreclosure proedure.
What is a "foreclosure"?
The legal process by which a lender terminates the owner's right to a property that was pledged as security for a debt.
What term is defined as a legal process in which mortgaged is sold to pay the loan of the defaulting borrower?
Foreclosure
Can they foreclose a property if the note is paid and current?
No. Foreclosure is a legal process that can be used in the case of a default only.
Which term is defined as a legal process in which mortaged property is sold to pay the loan of the defaulting borrower?
foreclosure
What is the land foreclosure process in puerto rico?
judicial foreclosure process
What happens after a foreclosure?
Foreclosure is the legal process whereby a mortgage company takes your home back from you and sells it to recoup the money they loaned to you. if you intend not to foreclose it better file bankruptcy from the experts
What is a foreclosure property?
Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property
What is a consent judgment in a foreclosure?
A consent judgment in a foreclosure is whereby a borrower with a pending foreclosure agrees to get into a judgment for foreclosure. This will not require further legal representation.
When we file the Motion to reinstate does this stop foreclosure process?
Once this motion is recorded it should stop the foreclosure process. Actually, once the bankruptcy is filed, the foreclosure process should already be stopped.
What are some house repossions companys?
Homes are foreclosed on by the lender. The title to the property is obtained by the lender in the foreclosure process and then the tenant is evicted by legal action.
How do you stall foreclosure?
You can stall a foreclosure. If you negotiate with the lender for a short sale, the lender may hold back on the foreclosure process to allow you to complete the short sale. You can also challenge the foreclosure process in court. If there are any irregularities in the foreclosure process initiated by the lender, the court can stall the foreclosure. You should ask the lender to produce the original note. Often the lender initiating the foreclosure is not the original lender. Most lenders sell the mortgage to other lenders and institutions. It is the subsequent lender who generally initiates the foreclosure. Often the subsequent lender may have problems producing the original note. Sometimes it can take months to produce the original note. Filing for bankruptcy also stalls the foreclosure. Negotiations with the lender can also buy you time. For an official opinion, it is advised you seek legal counsel.
