NounWikipedia has an article on: ForeclosureSingular foreclosure Plural foreclosures foreclosure (plural foreclosures)
From Wiktionary under the GNU Free Documentation License. Foreclosure is the legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments. The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgement. From Wikipedia under the
GNU Free Documentation License Does having a foreclosure and not paying your property taxes affect US citizenship application? Q. I have not been able to pay my house for the past six months, it went into foreclosure and know I got to pay Property Taxes but I dont have the money either. Could all of this affexct my ability to get my citizenship. Asked by Jorge L - Thu Mar 20 15:09:33 2008 - - 2 Answers - 0 Comments A. One thing that immigration looks into is that once the process is started you wont be a burden in society or ask for food stamps, they want to know that theyre giving citizenship to hardworking people File your taxes on time and you shouldnt have that much of a problem. Now your credit is another thing, once youre a citizen then you have to worry about the foreclosure and your payments that really doesnt help you, I dont know what state your from but here in texas you miss 2 payments and youre outta there so youre lucky you got 6 months. Answered by coleblondehead - Thu Mar 20 16:22:42 2008 What happens to renters when home goes into foreclosure? Q. Our landlord has not told us the home we rent is in foreclosure. I found out through notices addressed to him in the mail and through a website listing our home in foreclosure. As it is we pay rent a month in advance and have decided to pay on time instead so that we do not lose a whole months rent if asked to leave. Sorry to say we do not trust our renter because he has not been honest with us. When this home sells, how long will we have to find a new place? Also, shouldn't the bank be getting our rent money...especially if rent is more than his mortgage? I am really just concerned about what this means for us and options available? Anyone ever been in this situation? Asked by jd - Wed Aug 29 12:52:26 2007 - - 7 Answers - 0 Comments A. Nothing at first. You have 30 days to vacate the property. if the sheriff shows with less than 30 days notice you demand to go to court and be heard by a judge. Illegal evictions are not ok but they pay ohhh so much money when you sue. Oh and call the local news too so they can film you getting dragged out... spin is everything. If you have been given notice that you are being evicted you can review your options with an attorney but foreclosure usually trumps a lease. I would absolutely hire an attorney and begin legal proccedings against your landlord for breach of contract and fraud. Additionally you will probably want to place a lien on the property for the amount of your security deposit because if you don't you'll have to… [cont.] Answered by Chris - Wed Aug 29 13:55:50 2007 What is the advantage and disadvantage of buying a foreclosure home?
Q. I live in Dallas, TX. Will you recommend buying a foreclosure home? What is the advantage and disadvantage of buying a foreclosure home? Please help. I ll pick the best answer later. Asked by Digital Man - Wed Oct 17 20:20:31 2007 - - 2 Answers - 0 Comments A. It depends where and who you buy the Foreclosure property from. Always close at a title company and write your good faith deposit check out to the tile company as well. You really donot know if you are getting a deal or not until you run a title search and get title insurance. A home may look like it has equity unitl you find a 50,000 tax lien attached to the property. So their are good deals if you know how to find them. Answered by Tom - Wed Oct 17 21:06:35 2007 From Yahoo Answer Search: "foreclosure"  news.google.com Bizjournals.com The number of foreclosure listings in the Memphis area market dropped 12 percent in the last month, according to ForeclosureListings.com. ... Positive Statistics in Foreclosure Market Suggest Hope for Home Owners Florida Newswire all 17 news articles » news.google.com U.S. News & World Report Real estate research firm Lender Processing Services has released an interesting look at the impact of foreclosure sales on home prices on a ... Home Price Increases Depends on Foreclosure Sales Wall Street Journal Blogs Study Shows Extent Of Damage Caused By Foreclosures NuWire Investor LPS Report: Foreclosure Pipeline Remains Clogged DSNews.com all 5 news articles » news.google.com Washington Post Researchers at the University of Pennsylvania School of Medicine questioned 250 homeowners going through foreclosure in Philadelphia and found that 47 ... Home Foreclosures and Depression Wall Street Journal Blogs Foreclosures and mental health BusinessWeek all 15 news articles » From Google News Search: "foreclosure"  michaelemilio.com 250px x 400px | 17.00kB [source page] timeframes and mandates It usually takes around 2 3 months for your home to get repossessed however if you take certain legal action to postpone the proceedings it may take even longer Step One Notice of Default First step in the foreclosure process is the notice of default This is a notification that will be sent to you stating that you haven t made your payments by the  foreclosurelistingsnationwide.com 300px x 300px | 5.50kB [source page] and as a result scam artists are popping up all over offering to provide help and then only taking the homeowners for all that they can and leaving them worse off than when they started The typical scam begins when a homeowner is in danger of foreclosure Posing as a foreclosure consultant or under company names such as Home Savers foreclosure scam artists will approach  foreclosure590.skratchbrossard.com 102px x 113px | 2.80kB [source page] our day foreclosure prevention trial foreclosure prevention and foreclosure prevention start foreclosure prevention an action probably needs a lender approved foreclosure prevention options Dictionary foreclosure prevention sponsored foreclosure prevention by foreclosure prevention owner foreclosure prevention resale foreclosure prevention new foreclosure prevention homes From Yahoo Image Search: "foreclosure"  rismedia.com unknown Mon, 14 Sep 2009 21:35:43 GM RISMEDIA, September 15, 2009 RealtyTrac, one of the leading online marketplaces for . foreclosure. properties, released its August 2009 US . Foreclosure. Market.  foreclosure-support.com Mark Goodman ue, 15 Sep 2009 15:10:15 GM Los Angeles . foreclosure. homes for sale comprise the majority of available homes for sale in multiple listing services in the city as of September. Over 12500 . foreclosed. homes were available for sale as of September.  ethicalforeclosurefortunes.com Dave Fri, 18 Sep 2009 07:12:43 GM Ethical . Foreclosure. Fortunes. creative real estate investing. 4: Make Money in Commercial Real Estate Seminar Series. by Dave on September 17, 2009. www.MakeMoneyInCommercial.com Listen in as Jason Gilbert, President of the rapidly ... From Google Blog Search: "foreclosure" |
