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When a home is not foreclosed on, the borrower (generally resident or landlord) is still legally responsible for housing taxes, maintenance, and demolition costs, if the house is condemned. When neither the borrower nor the lender takes responsibility for a house, the city is left with the costs.
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".
As a result, if the trust doesn't own the loan according to the PSA it can't receive the proceeds of the foreclosure or the title to the home, even if it's allowed to foreclose as a holder. Holder ...
Buying foreclosed homes soared in popularity during the Great Recession as a wave of foreclosures hit the market and drove down prices nationwide. While foreclosure rates since then have fallen ...
Freddie Mac is stepping in to make buying a bank-owned home a sweeter deal for you, reports Inman News. The agency is offering help with closing costs for buyers of Freddie Mac-owned properties.
If there are no interested bidders, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of the foreclosure property, such as with a mortgage loan made at a high loan-to-value during a real estate bubble. As soon as the beneficiary ...
So while you might save, say, $50,000 on the price of your home with a foreclosure, you might also have to spend an extra $50,000 once you've moved in just to make repairs and get your home up to ...
[19] Under title theory, a mortgage has the effect of a deed passing legal title, though conditionally, of the mortgaged property to the mortgagee (the lender in a loan agreement being secured by the mortgage), with so-called "equitable title" (which is really equity of redemption) being retained by the mortgagor (the borrower in the loan). The ...