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Judicial foreclosure: With a judicial foreclosure, the lender files a lawsuit and the borrower is notified of the non-payment. The homeowner has 30 days to make up the missed payments, otherwise ...
The foreclosure process is not as simple as the borrower simply failing to pay the monthly mortgage on time and the bank taking ownership of the property. The process varies depending on each ...
A bank walkaway is a decision by a mortgage lender (a bank) to not foreclose on a defaulted mortgage (when the borrower has ceased to make the payments), or to not complete foreclosure proceedings (to "walk away" from the mortgage).
A short sale happens when the lender allows you to sell the house for less than the outstanding loan amount, takes the proceeds and forgives any remaining debt. A short sale could help you salvage ...
As per the foreclosure data report of RealtyTrac for January 2014, 1 in every 1,058 homes in U.S. received a foreclosure filing. This figure falls in the higher spectrum of foreclosure frequency. As of August 2014, the foreclosure rate was 33.7%, 1.7% up from the last year.
Drive-by inspection is a quick assessment of a property. [1] Drive-by inspection, or quick property assessment of properties are performed to assess a real estate property, such as of by field investigators for out-of-town landlords of rental property. [2]
If you miss four consecutive mortgage payments (or are 120 days late), most lenders begin the process of foreclosure on your home. If you cannot make a mortgage payment — even one — it is ...
Everybody, including the bank, would have been better off reducing his balance to an affordable level." [15] [20] In Atlanta, Occupy Our Homes activists went to the courthouses in three of the area's largest counties to disrupt the foreclosure auctions happening there. The group is demanding an immediate moratorium on all foreclosures. [15]