Foreclosure

Business / Taxes / Foreclosure: Foreclosure occurs when your lender repossesses your home because you have defaulted on your mortgage loan or home equity line of credit. You default by failing to pay interest and repay the principal you owe on time. Foreclosed property is often sold at auction to allow the lender to recover some or all of the outstanding debt.

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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