Posts Tagged ‘Foreclosure laws’
Unfortunately, some people end up with the foreclosure of their homes simply because they are embarrassed to contact your lender, or do not know what exactly is a foreclosure and what options are available to avoid them.
Let’s start at the beginning and then clarify what exactly is a foreclosure:
It is a legal process in which your lender (financial institution that lends you the money) makes the “foreclosure” (ie, seizure) of your home. If your house is worth less than the amount you owe on the mortgage, your lender can choose the option called “statement of deficiency (deficiency judgment), in which you will owe the difference to your lender.
Foreclosure laws vary by state. In half of all states, foreclosures are court proceedings where a lender sues the borrower. Unless the homeowner can successfully counter the foreclosure, the lender wins the trial and the house will be sold by judicial oversight to recover the loan amount. Read the rest of this entry »