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On Oct. 20, New York state courts cracked down on robo-signing by ordering attorneys for foreclosing banks to swear that they had personally confirmed that the documents they are submitting are ...
Court auction is an auction which takes place at a public location designated by the court. If a property owner fails to pay the mortgage, the mortgage holder can foreclose on that property. If the owner is unable to make sufficient payments, the property can be sold at auction. The time and place of the auction is published in official records ...
The actual sale typically completes a non-judicial foreclosure. The highest bidder at a trustee's sale gets title to the property; if no one bids, the title to the property keeps with the foreclosing mortgage lender. A valid foreclosure requires the following documents to be successful: Record vesting current owner
The report also highlights the states with the longest average time to foreclosure, with Louisiana having the highest average of days in process (3,686 days), followed by Hawaii (2,597 days), New ...
The notice is usually filed in the county land records office. Recording a lis pendens against a piece of property alerts a potential purchaser or lender that the property’s title is in question, which makes the property less attractive to a buyer or lender. Once the notice is filed, the legal title of anyone who purchases the land or ...
A notice of default is a public notice filed with a court or local recording office to begin the process of foreclosure. A mortgage lender or servicer can file this notice after four months (120 ...
In some jurisdictions, such as New York, an "order to show cause" is used routinely to initiate a motion when a traditional "notice of motion" would not be sufficient—for example, when the moving party wishes to vary the usual schedule for considering a motion, or when a temporary restraining order or other provisional remedy is being sought ...
Foreclosure investment refers to the process of investing capital in the public sale of a mortgaged property following foreclosure of the loan secured by that property. In real estate , foreclosure is the termination of the equity of redemption of a mortgagor or the grantee in the property covered by the mortgage.