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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. Depending on the type of foreclosure proceeding, the sale may be administered by the courts (judicial foreclosure) or by an appointed trustee (statutory foreclosure). Proceeds from the sale are used ...
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.
The proceeds go first to satisfy the mortgage, then other lien holders, and finally the mortgagor/borrower if any proceeds are left. Judicial foreclosure is available in every US state and required in many (Florida requires judicial foreclosure). The lender initiates judicial foreclosure by filing a lawsuit against the borrower. As with all ...
The types of foreclosures include: 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 ...
Certain states have both judicial and non-judicial foreclosures. If you live in a state that offers a post-sale right of redemption, the amount of time you have to re-purchase your home will ...
Mechanic's liens are enforced exclusively through judicial foreclosure sales, i.e., through court proceedings similar to mortgage foreclosures. The court must determine whether the requirements of the statute have been met and, if so, the priority of the mechanic's lien being foreclosed relative to the other liens or encumbrances on the title.
Pages in category "Foreclosure" The following 51 pages are in this category, out of 51 total. This list may not reflect recent changes. * Foreclosure; 0–9. 99 Homes;
Among the many state systems governing foreclosure in this country, Hawaii has particularly draconian -- and nonjudicial -- process. It's based on a law that dates back to 1874, a statute that was ...