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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 ...
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 ...
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 ...
The foreclosure process typically doesn’t start during the first 120 days after you miss your first payment. After that first 120 days, the foreclosure process can start.
The time periods for the "trustee's sale" or "power of sale" foreclosure process vary dramatically between jurisdictions. Some states have very short timelines. For example, in Virginia, it can be as short as two weeks. In California, a nonjudicial foreclosure takes a minimum of approximately 112 days from start to finish.
SACRAMENTO, Calif. -- California Attorney General Kamala Harris [pictured left] said Friday that she will not agree to a settlement over foreclosure abuses that federal officials and other state ...
The rate of foreclosures in California during the last quarter of 2007 is double the rate of the last record quarter. There were 31,676 foreclosures during the fourth quarter, about double that of ...
In the United States, the Trustee Sale Guarantee (TSG) is the title guarantee that is issued at the beginning of a foreclosure.TSG helps the foreclosing trustee and beneficiary through the delivery of the information required in ensuring compliance with the statutes of foreclosure stipulated by the state.