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Procedural requirements in a foreclosure of mortgage?
Foreclosure procedure is addressed by state statutory laws. You need to search online for "your state + foreclosure procedure".
What states have the statutory right of redemption after foreclosure?
Several states have statutory rights of redemption after foreclosure, including Alabama, Connecticut, Delaware, Iowa, Minnesota, Mississippi, Missouri, Tennessee, and Wisconsin. These states allow homeowners a period of time after foreclosure to buy back their property by paying the outstanding mortgage debt.
What is statutory mortgage?
Many jurisdictions permit specific assets to be mortgaged without transferring title to the assets to the mortgagee. Principally, statutory mortgages relate to land, registered aircraft and registered ships. Generally speaking, the mortgagee will have the same rights as they would have had under a traditional true legal mortgage, but the manner of enforcement is usually regulated by the statute.
What is the defference between legal mortgage and equitable mortgage?
Legal MortgagesA legal mortgage is one created under law. Every jurisdiction has its own statutory requirements for legal mortgages. Typically, the party offering real estate is known as the "mortgagor." The party offering money is known as the "mortgagee." In most states, the transfer of interest to the mortgagee gives the mortgagee the right to take the property only if the mortgagor fails to pay as promised. However, a few states' laws hold that a mortgage is an actual transfer of title, and the mortgagee is the legal owner of the property until the mortgagor pays off his debt.Equitable MortgagesEquitable mortgages are relationships that don't meet a jurisdiction's legal mortgage requirements. When an arrangement looks like a mortgage and smells like a mortgage, some jurisdictions' courts, known as courts of equity, will recognize the arrangement as a mortgage even though it isn't a legal mortgage. In such cases, courts will usually look for the basic elements of a mortgage: a debt from one party to another for an amount significantly less than the land is worth and some sort of promise to return the land upon payment. If the court finds these elements, the arrangement will then be treated as a mortgage under law.
What is the legal authority that Massachusetts is a title theory state for real estate purposes?
Massachusetts evolved as a title theory state through the common law. In a title theory state a mortgage is considered to be a conveyance in fee which is defeasible if certain conditions are met. The language in the mortgage prevents the mortgagee from taking possession of the property unless there is a defalt. The relationship between a mortgagor and mortgagee has been more recently stated in Pineo v White, 320 Mass. 487, 70 N.E.2d 294 (1946) and in Perry v Miller, 330 Mass. 261, 112 N.E.2d 805 (1953). That a mortgage is a conveyance is further defined in the statutes: Chapter 183: Section 18. Mortgage deeds Section 18. A deed in substance following the form entitled Mortgage Deed shall when duly executed have the force and effect of a mortgage deed to the use of the mortgagee and his heirs and assigns with mortgage covenants and upon the statutory condition and with the statutory power of sale, as defined in the three following sections, to secure the payment of the money or the performance of any obligation therein specified. The parties may insert in such mortgage any other lawful agreement or condition. Chapter 183: Section 19. Mortgage covenants: In a conveyance of real estate the words mortgage covenants shall have the full force, meaning and effect of the following words, and shall be applied and construed accordingly: The mortgagor, for himself, his heirs, executors, administrators and successors, covenants with the mortgagee and his heirs, successors and assigns, that he is lawfully seized in fee simple of the granted premises; that they are free from all encumbrances; that the mortgagor has good right to sell and convey the same; and that he will, and his heirs, executors, administrators and successors shall, warrant and defend the same to the mortgagee and his heirs, successors and assigns forever against the lawful claims and demands of all persons; and that the mortgagor and his heirs, successors or assigns, in case a sale shall be made under the power of sale, will, upon request, execute, acknowledge and deliver to the purchaser or purchasers a deed or deeds of release confirming such sale; and that the mortgagee and his heirs, executors, administrators, successors and assigns are appointed and constituted the attorney or attorneys irrevocable of the said mortgagor to execute and deliver to the said purchaser a full transfer of all policies of insurance on the buildings upon the land covered by the mortgage at the time of such salee. Chapter 183: Section 20: Statutory condition in mortgages: The following condition shall be known as the Statutory Conditions, and may be incorporated in any mortgage by reference: (CONDITION.) Provided, nevertheless, except as otherwise specifically stated in the mortgage, that if the mortgagor, or his heirs, executors, administrators, successors or assigns shall pay unto the mortgagee or his executors, administrators or assigns the principal and interest secured by the mortgage, and shall perform any obligation secured at the time provided in the note, mortgage or other instrument or any extension thereof, and shall perform the condition of any prior mortgage, and until such payment and performance shall pay when due and payable all taxes, charges and assessments to whomsoever and whenever laid or assessed, whether on the mortgaged premises or on any interest therein or on the debt or obligation secured thereby; shall keep the buildings on said premises insured against fire in a sum not less than the amount secured by the mortgage or as otherwise provided therein for insurance for the benefit of the mortgagee and his executors, administrators and assigns, in such form and at such insurance offices as they shall approve, and, at least two days before the expiration of any policy on said premises, shall deliver to him or them a new and sufficient policy to take the place of the one so expiring, and shall not commit or suffer any strip or waste of the mortgaged premises or any breach of any covenant contained in the mortgage or in any prior mortgage, then the mortgage deed, as also the mortgage note or notes, shall be void.
Is there a statutory right of redemption in California?
There is no statutory right to redemption in Illinois; however Illinois does have an equitable right of redemption which is a borrowers right to clear debt prior to foreclosure (short sale). The equitable right of redemption lasts for 7 months after date of service or the first publication date whichever is later.
Who can create a satisfaction of mortgage document?
Only the person or lender who owned the mortgage can discharge it. In Massachusetts, if a mortgage discharge has not been provided by the mortgagee within a reasonable period of time, or when the mortgagee is no longer in business, there is a statutory scheme by which proof of payment in full can be recorded with an affidavit. You should speak to someone at your state attorney general's office or a private attorney if you are having difficulty obtaining a discharge for a paid mortgage.
What is an equitable right of redemption?
In a mortgage foreclosure process, the time between the foreclosure filling date and the auction sale is called the "Equity of Redemption Period". Once the home has been sold, most States grant a time period such as six months for the defaulting owner to repay the debt and fees. This is referred to as the "Statutory Period of Redemption".
How does a home forclosure effect your credit rating?
A Foreclosure is a legal process through which a banker tries to recover the outstanding loan dues from a home loan borrower, who has defaulted in making payments to the banker. The banker will realize the dues by forcing the sale of the asset, given to the banker as a collateral security for the loan. A banker or the mortgagee as he is called in banking parlance, obtains a termination of a mortgagor, equitable right of redemption, either by court order or by operation of law after following a the prescribed statutory procedure in this regard.The foreclosure process is normally applied to residential mortgage loans given by a bank repossessing the immovable property after the owner has failed to repay the loan arrears to the lender as agreed originally upon. When the process is complete, the banker can sell the property and keep the proceeds to pay off its mortgage loan dues and legal costs, if any.Since foreclosure is resorted to after the borrower defaults in his payment, the credit rating of the borrower is adversely affectd. This will impact badly the borrower's loan payment record , also called CIBIL report, and he may find it difficult to get loan from banks in future. So it is always better to pay the bank dues on due dates without fail, to keep our records clean and pure.M.J. SUBRAMANYAM, XCHANGING, BANGALORE
Once foreclosure has been started can it be stopped?
Yes, by paying all the money you own and the bank's costs up to that point. In a few states, you have a statutory period of time even after the sale during which you can reclaim the property by paying up.
Is SEBI a statutory body or non statutory body?
Statutory Body
What is the difference between statutory and non statutory audits?
what is the difference between statutory audit and non statutory audit.
