There are many types of foreclosures adopted around the world, but their real pictorial outlook can be summed by the two most commonly used systems namely, Judicial foreclosure or Power of the law foreclosure, and Non Judicial foreclosure or Power of Sale foreclosure. Each of the two types has its typical characteristics and as both […]
Tag: Non Judicial Foreclosure
The Faces and Phases of Foreclosure
The process of Foreclosure is applied by a bank or housing finance which has commissioned a mortgage by keeping the temporary rights of a real property as security. It happens in earnest when the borrower fails to comply with the pre-contract terms, a situation known as default. The reason as to why the mortgagee seeks […]
Understanding Foreclosure
Foreclosure can be broken down to mean the process by which a mortgagee decides to terminate contract with a mortgagor following a default by the latter. It can be reached by seeking an order from the courts to take away property rights from the borrower or through a legal operation. At the beginning of a […]
The Process of Foreclosure
Foreclosure process may be fast or may take a long time, depending on State regulations. There are options that have been adopted by home owners in recent times to avoid foreclosure or at least delay the process to allow for financial settling. They include filing for bankruptcy, refinancing, financing through other means, or making amicable […]