Foreclosure Attorneys
Foreclosure is the system by which a party who has loaned
money secured by a mortgage or deed of trust on real property (or has
an unpaid judgment), requires sale of the real property to recover the
money due, unpaid interest, plus the costs of foreclosure, when the debtor
fails to make payment. After the payments on the promissory note (which
is evidence of the loan) have become delinquent for several months (time
varies from state to state), the lender can have a notice of default served
on the debtor (borrower) stating the amount due and the amount necessary
to "cure" the default.
If the delinquency and costs of foreclosure are not paid within a specified
period, then the lender (or the trustee in states using deeds of trust)
will set a foreclosure date, after which the property may be sold at public
sale. Up to the time of foreclosure (or even afterwards in some states)
the defaulting borrower can pay all delinquencies and costs (which are
then greater due to foreclosure costs) and "redeem" the property. Upon
sale of the property the amount due is paid to the creditor (lender or
owner of the judgment) and the remainder of the money received from the
sale, if any, is paid to the lender.
There is also judicial foreclosure in which the lender can bring suit
for foreclosure against the defaulting borrower for the delinquency and
force a sale. This is used in several states with the mortgage system
or in deed of trust states when it appears that the amount due is greater
than the equity value of the real property, and the lender wishes to get
a deficiency judgment for the amount still due after sale. This is not
necessary in those states which give deficiency judgments without filing
a lawsuit when the foreclosure is upon the mortgage or deed of trust.
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