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Definition of Foreclosure on Default of Payment of Property Loans
from:Foreclosure is a legal term often on the minds of many American homeowners. The average American family works hard to afford a home in which their family can live comfortably. Most families do not have the cash up front to pay for their dream house in full. They will seek a loan from a financial lending institution such as a bank or a mortgage company to buy this home.
To secure the loan, these financial lending institutions must be certain that they will get back their money back. Since a good paying job does not guarantee that a loan of this magnitude will be paid back, they require what is known as collateral, an asset they can seize in lieu of payments if the loan is in default (no longer being paid back).
Normally the home that is being purchased with the loan is put up as collateral and if the mortgagor (person seeking the loan) does not pay back the loan to the mortgagee (money lender, borrower), the house goes into foreclosure. The money lending institution may obtain a court order to proceed with the foreclosure and repossess or seize the house in lieu of repayment of the loan.
In some instances the financial lending institution may attempt foreclosure on a home or other property, but if the borrower repays the loan, a court of equity may rule in favor of the borrower who at that point will be able to keep the home or property in question.
The contract between the financial lending company and the borrower is called a mortgage or deed of trust. When a contract has been entered, effectively the lending company has agreed to give the borrower a certain sum of money in which to purchase the said property. The borrower agrees to pay this money back (signs a promissory note). The contract will also stipulate that a lien will be placed on the property meaning that the financial lending company has a right to seize the property (repossess it) if the loan is not repaid in the time frame that is stipulated and according to the conditions set out in the contract.
The process of foreclosure is used in any contract whereby real estate, homes, farms, land, and other immovable property has been obtained through a mortgage, and the mortgage holder has defaulted on the payments.
Judicial Foreclosure is available in all the American states. When the borrower defaults on the loan, the property is sold. The proceeds from the sale of the property first goes to repay the balance on the existing loan, then to any other lien holders, and finally to the borrower if any proceeds are left over. All transactions are done legally through the court system.
Foreclosure by power of sale is sometimes added as a clause in the mortgage contract that defines the foreclosure procedure without court intervention. This procedure follows the same order as the Judicial Foreclosure however faster since the courts are not involved.
Foreclosure Land Specific links
Foreclosure Land News
80 acres of land face foreclosure - Centre Daily Times
80 acres of land face foreclosure Centre Daily Times By Cliff White — cwhite@centredaily.com More than 80 acres of land on three parcels in Walker and Marion townships are headed for foreclosure, according to the Centre County Sheriff's office. Johnstown-based AmeriServ Financial Bank launched the ... |
Foreclosure looms for Angelo K. Tsakopoulos office complex - Sacramento Bee
Foreclosure looms for Angelo K. Tsakopoulos office complex Sacramento Bee By Dale Kasler A vacant office complex controlled by Sacramento land baron Angelo K. Tsakopoulos has defaulted on its mortgage and is facing possible foreclosure. A group affiliated with GE Capital slapped a default notice on the two-building complex ... |
Details Ad Id 1311956 - Jacksonville Daily News
Details Ad Id 1311956 Jacksonville Daily News AMENDED NOTICE OF FORECLOSURE SALE NORTH CAROLINA, ONSLOW COUNTY 10 SP 499 Under and by virtue of a Power of Sale contained in that certain Deed of Trust executed by SARAH N. CULLERS to JULIA B. RICH, Trustee(s), which was dated April 12, ... |
Land once slated for Bitterroot Resort to be sold at auction - The Missoulian
Land once slated for Bitterroot Resort to be sold at auction The Missoulian A group that developed to oppose the plan, Friends of Lolo Peak, said Wednesday that it remains active and at work to ensure public lands on Lolo Peak remain wild and pristine. The group released a statement in response to the foreclosure sale. |
Biden not yet ready to join foreclosure settlement - The Oshkosh Northwestern
Biden not yet ready to join foreclosure settlement The Oshkosh Northwestern (WTW) — Delaware would receive about $40 million in a proposed settlement between the nation's attorneys general and five banks over alleged foreclosure abuses, but Attorney General Beau Biden told state lawmakers Wednesday that he's still not ready ... |