One in every 998 U.S. homes received a foreclosure filing in the third quarter, according to the latest foreclosure data from the Fed and the States. The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the home-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. In a good number of States in the United States, items included to calculate the amount of a deficiency judgment include the loan principal, accrued interest and attorney fees less the amount the lender bid at the foreclosure sale. Be certain to look over the link I’m providing here... ( propublica.org/article/the-great-american-foreclosure-story-the-struggle-for-justice-and-a-place-t/single ) & ( portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure )
Posted on: Sat, 24 Jan 2015 22:52:40 +0000
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