Foreclosure

Business / Loan / Foreclosure: The legal procedure by which a lender holding a mortgage on your house forces a sale of your house to obtain repayment of your loan. Foreclosure proceedings are typically started by a lender when you do not pay your loan on time. It might also be started if you fail to pay property taxes or insurance or keep other promises.

Strict Foreclosure

Business / Real Estate / Strict Foreclosure: In a strict foreclosure procedure, after a delinquent borrower has been notified and the proper papers have been filed, the court designates a specific period during which the balance of the default m MORE

Deed In Lieu Of Foreclosure

Business / Real Estate / Deed In Lieu Of Foreclosure: Voluntarily signing over to a lender the property pledged as collateral on a defaulted loan. It is an alternative to a foreclosure action. Its main disadvantage to a lender is that the deed does not w MORE

Judicial Foreclosure

Business / Real Estate / Judicial Foreclosure: A method of foreclosing on real property by means of a court-supervised sale. In a judicial foreclosure, there is an appraisal, after which the court determines an upset price below which no bids to p MORE

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