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Strict foreclosure is an effective remedy where the creditor has a need or use for the physical property itself. For example, a seller of goods that forecloses on goods in which it had a purchase money security interest (PMSI) may then return the foreclosed goods to its inventory and resell them at its leisure. Similarly, a company that ...
The Pennsylvania Supreme Court is set to decide whether a mortgagee must issue a new notice of intent to foreclose before filing a second foreclosure complaint after its initial complaint was ...
For example, if your monthly mortgage payment is $1,400, a 5 percent late fee amounts to $70. ... Usually, foreclosure proceedings begin after 120 days (four consecutive missed mortgage payments ...
The lender/private investor (the trustees) use a title company to issue the TSG, which give notice of the pending foreclosure. A Notice of Trustee's Sale notify homeowners and mortgage borrowers that their property will be sold at a trustee's sale on a specific date and at a specific location. The actual sale typically completes a non-judicial ...
A notice of default is a public record stating that a borrower is in default on their loan. A lender or servicer files a default letter as the first step in the foreclosure process. If you ignore ...
The rule in Dearle v Hall (1828) 3 Russ 1 is an English common law rule to determine priority between competing equitable claims to the same asset. The rule broadly provides that where the equitable owner of an asset purports to dispose of his equitable interest on two or more occasions, and the equities are equal between claimants, the claimant who first notifies the trustee or legal owner of ...
Jones v. Flowers, 547 U.S. 220 (2006), was a decision by the Supreme Court of the United States involving the due process requirement that a state give notice to an owner before selling his property to satisfy his unpaid taxes.
The New York Law Journal reports that New York state has a new rule for foreclosures that will force a complete overhaul of the now-standard practices of the foreclosure business: Attorneys will ...