What most people are unaware of is the importance of the chain of title. You see, the only person who can foreclose on a property is the person who owns the promissory note and deed of trust (together they make up the mortgage). The promissory note is the loan documents – how much was borrowed [...]
Each state in the U.S. handles its real estate foreclosures differently. It’s important to understand those differences and know your specific state’s procedures. The terms used and time frames vary greatly from state to state, but the following information provides a general overview of the different processes and considerations. Let’s define the difference between a [...]
Judicial foreclosures are processed through the courts, beginning with the Mortgagee/Lender filing a complaint and recording a notice of List Pen dens. The complaint will state what the debt is, and why the default should allow the Mortgagee/Lender to foreclose and take the property given as security for the loan. The homeowner will be served [...]
Non-judicial foreclosures are processed without court intervention, with the requirements for the foreclosure established by state statutes. When a loan default occurs, the homeowner will be mailed a default letter, and in many states, a Notice of Default will be recorded at approximately the same time. If the homeowner does not cure the default, a [...]
If you do nothing and just allow the Lender to take your home, then the court will simply allow the foreclosure to happen even if the lender does not have the proper paperwork to back up the foreclosure claim. In today’s complex lending environment, it is very challenging for lenders to track down the proper [...]
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