A final option to avoid foreclosure is to simply sell your house yourself. Your debts may have become too large to handle, and selling your house may eliminate them and stop a bad credit record due to foreclosure. You may not get your ideal price if you are trying for a quick sale, bu...
As noted above, the local laws and regulations of certain jurisdictions may require lenders to seek out decrees of foreclosure and sale before they can proceed with any action. This is a court order that allows the lender to take over the property, sell it, and use the proceeds to pay off...
Many states offer what is known as redemption, a period after the foreclosure sale occurs when you can still reclaim your home. The "Notice of Sale" will generally inform you about the redemption period, and timeframes vary by state. You generally must be willing to pay the loan balance tha...
is a clause written into a mortgage. In the event of default, it authorizes the lender to sell the property to repay the mortgage debt. In this case, legal proceedings can be sidestepped. Power of sale is permitted in many states as part of a lender’s rights to seek a foreclosure.1...
Non-judicial foreclosure In a non-judicial foreclosure, the mortgage lender can claim its right to a property without a court order. This is only an option in about half of U.S. states — and only if apower-of-sale clausewas included in the mortgage or deed of trust. ...
What Is a Foreclosure Deed? A foreclosure deed is a legal document granting ownership of property to the purchaser at a foreclosure sale. Depending on the type of foreclosure followed, a foreclosure deed may be a sheriff's deed or a trustee's deed. The effect of a foreclosure deed is to...
What is a Trustee Sale? What Caused the Subprime Mortgage Crisis? What is Debt Management? What is a Loan Schedule? What is a Lender? Discussion Comments Byazmover— On Oct 20, 2010 i have two homes that are going through foreclosure. can the banks go after my other home that is paid...
A final option to avoid foreclosure is to simply sell your house yourself. Your debts may have become too large to handle, and selling your house may eliminate them and stop a bad credit record due to foreclosure. You may not get your ideal price if you are trying for a quick sale, bu...
Is a foreclosure staring you in the face? For many Americans faced with foreclosure and, possibly, bankruptcy, a better option is often a short sale. Short sales, which are up 10 percent from the same period last year, according to RealtyTrac, are becoming an increasingly popular way to ...
For buyers, this type of sale could mean paying less for a home. Here’s what to know. What is a short sale? A short sale — sometimes known as a preforeclosure sale — is when a mortgage lender agrees to allow a borrower to sell their home for less than what’s owed on the ...