Foreclosure

Foreclosure under a mortgage requires a court ordered sale conducted by the sheriff or other court-appointed official. Foreclosure process is called judicial foreclosure. In the event of default, the mortgage accelerates the due date of the dead to the present and notifies the defaulted debtor to pay off the entire outstanding balance at once. If the debtor fails to do so, the mortgage initiates a lawsuit, called a foreclosure action, in the county where the land is located. The purpose of his legal proceedings to a charge toward the county sheriff to seize and sell the property. The judge's order is called an order of execution. Acting under the order authentication, the sheriff notifies the public of the place and date of the sale. This requires posting notices and the property and the courthouse and ran an advertisement of the sale in a newspaper.

1. Redemption. At any time up until the sheriff's sale, the debtor may save the property by paying the mortgage note is due. This up right to save or redeem the property before the sale is called the equitable right of redemption. The debtor might also be obligated to pay delinquent interest, court costs, attorneys fees, and sheriff's fees in order to redeem the property.

2. Sheriff's sale. The sheriff's sale is a public auction normally held at the courthouse door, and anyone can bid on the property. The property is sold to the highest bidder and the proceeds are used to pay for the costs of the sale and to pay off the mortgage.

If the property does not make enough money in the sale to pay off the mortgage, the debtor may be able to obtain a deficiency judgment against the debtor for the remaining debt. To obtain a deficiency judgment, the creditor must apply to the court within three months of the judicial sale.

In some states, such as California, deficiency judgments are prohibited if the mortgage secured a loan to purchase 1-4 unit personal residence occupied by the owner.

Post-sale redemption.

After the sale, the debtor has an opportunity to save or redeem the property. The debtor can do this by paying the purchaser the amount paid for the property plus acute interest from the time of the sale. This right to redeem the property on the sheriff's sale is called statutory right of redemption.

Dependent on the court congestion and the availability of the surety for foreclosures, and judicial mortgage foreclosure may take anything from several months to several years from the time of the default until a sheriff's deed is delivered to the purchaser, which finally divests from the debtor of title.

Martin Lukac, represents, #1 Loans USA(http://www.1LoansUSA.com), a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more: [email protected]

In The News:

Real Estate shares gain  Business Standard
Future of commercial real estate in India  Construction Week Online India
Pune's real estate market post pandemic - People  Construction Week Online India
ESG in real estate - People  Construction Week Online India

Seven Tips in Choosing Maui Income Properties

Aloha! If you are interested in choosing a Maui income... Read More

Investment Real Estate Made Easy ? Make the Most from Each Investment Dollar

When it comes to buying investment real estate, there are... Read More

Real Estate: A Strong Investment

Description: Even in uncertain economic times like these, history shows... Read More

Dont Buy Ugly Houses!

Ugly houses can be great investments, but we don't buy... Read More

Home Selling: Making It Easy On Yourself!

It's a dream for many to buy and take ownership... Read More

The Professional Investors Plan

The art of using high-leveraged activities.Here I would like to... Read More

Jacksonville Real Estate Listings

With over 30,000 residents, Jacksonville in central Arkansas is a... Read More

Flipping Houses for Gold: Three Tips to Help You Find the Perfect Fixer

Many real estate investors enjoy "flipping houses," or buying and... Read More

What is a Loft Apartment?

What is a loft apartment? At the most basic level... Read More

Selling Your House Fast!

The physical senses of buyers respond to a home's design,... Read More

Dead Deals and Recycled Reports

Everyone knows that at the end of a home inspection,... Read More

A Few Easy Ways To Take The Headache Out Of Moving

Moving from one house to another is always a challenge,... Read More

Buying a Home ? Dealing With Lender Letters

Most people who set out to buy a home, be... Read More

Forclosure And The Durrett Rule

It's probably happened to you...Folks learn that you know something... Read More

Investing In Land

Changing social trends point to a huge rise in demand... Read More

Raising Money For Property Development

In addition to finding the right property, one of the... Read More

Best Places to Retire

Places to Retire: Popular Doesn't Always Mean "Best"Las Vegas, Nevada;... Read More

Do You Know What Design/Construct (or Design/Build ) Means? I Think You Should!

These real questions on 'How To' build are answered by... Read More

5 Secrets for Surviving a Real Estate Market Downturn

History repeatedly serves to show us that the real estate... Read More

Nobody Loves A Landlord

The typical landlord starts off life as a light hearted... Read More

Real Estate Investment - Why it is Big Business?

When examining the different asset classes, real estate is generally... Read More

Property Investing Secrets 4

Property Investing Secrets:How to Sell to 100% of the Market... Read More

Want To Be Profitable In This Real Estate Bubble? I?ll Show You How In Just Three Easy Steps

STEP#1. First you have to recognize that in order to... Read More

Wealth Building ? An Advantage of Home Ownership

As you grow older, the issue of wealth building comes... Read More

Home Selling: How To Set The Right Asking Price

Many homes remain unsold for a long time because they're... Read More