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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 ...
Other types of foreclosure are considered minor because of their limited availability. Under strict foreclosure, which is available in a few states including Connecticut, New Hampshire and Vermont, if the mortgagee wins the court case, the court orders the defaulted mortgagor to pay the mortgage within a specified period of time. Should the ...
Strict foreclosure: Strict foreclosures are less common because only a few states allow them. In this case, the mortgage lender files a lawsuit against the homeowner, and if the homeowner does not ...
Each state prescribes particular or specific laws when it comes to the process of foreclosure and the notices required. The TSG is an assurance to both the lender and the foreclosure attorney against the losses that are incurred up to the balance of the loan as a result of the errors in the Trustee Sale Guarantee.
Bank of America (BAC) plans to halt foreclosure sales across the nation, as it reviews whether it handled its foreclosure documentation and procedures properly, the banking giant said Friday.
But for a troubled homeowner in California, Texas and 25 other "nonjudicial" states, the robo-signing scandal and foreclosure mess are even more dangerous because the lender doesn't have to go to ...
At the federal level in the United States, legislation (i.e., "statutes" or "statutory law") consists exclusively of Acts passed by the Congress of the United States and its predecessor, the Continental Congress, that were either signed into law by the President or passed by Congress after a presidential veto.
But despite that, the 10 states that continue to have the highest foreclosure rates in the country still have a long way to go. 24/7 Wall St. identified those states still bogged down with the ...