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The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust".
A foreclosure can damage your credit score and result in loss of property. As soon as you realize you can’t pay your mortgage, reach out to your lender or servicer to learn about the mortgage ...
An expert from a housing counseling agency can guide you as you try to work with your mortgage company to avoid foreclosure. You can find a local HUD-approved expert online , or call HUD’s ...
Strict foreclosure is also an effective remedy where the value of the goods foreclosed is the equivalent of the debt due and owing, and the creditor can easily sell the goods for that value. In order to effect a strict foreclosure, the creditor must transmit a proposal indicating their desire to foreclose, which must be sent to the debtor and ...
You can reduce or eliminate a significant portion of mortgage debt if you owe more than the property is worth during foreclosure. Get relief from the stress and uncertainty of struggling to make ...
The foreclosure process begins when a financially distressed homeowner fails to make a loan payment and is served with a summons from his or her creditors. After service, papers will be filed with the county clerk's office and be made a matter of public record (in some areas the place where deeds and mortgages are registered may go by a different name, such as the office of the land registrar).
Here are a few options you can explore to avoid foreclosure. ... a short sale is not as damaging to credit, ... Foreclosure, on the other hand, means the lender has the legal right to seize your ...
A deed in lieu of foreclosure allows you to avoid foreclosure by giving your lender the deed to your house. A deed in lieu can do less damage to your credit than a foreclosure but means you need ...