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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 ...
The effective difference is that the foreclosure process can be much faster for a deed of trust than for a mortgage, on the order of 3 months rather than a year. Because this foreclosure does not require actions by the court, the transaction costs can be quite a bit less. [citation needed]
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".
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 ...
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]