Foreclosure Law

Foreclosure law is when a lawsuit is filed for a bank or lender seeks to possess a property to satisfy a debt. Banks or lenders often take possession of the property and sell it to recoup the debt. In foreclosure the homeowner is evicted and loses all rights to the property. There are two types of foreclosure: Strict Foreclosure and Foreclosure by Sale. In a strict foreclosure, a judge sets a certain number of days for each defendant in the foreclosure. After that day, the borrower loses all rights to the property. These days can be anywhere from 3 weeks to a year after the day the case goes to judgment. In a foreclosure by sale, the judge sets a sale date for the property. This usually means an auction date and the property is sold to the highest bidder. In either of these cases the only way a borrower can prevent the sale of the property and retain rights is to pay the judgment or debt in full and any costs associated with it.

Fast Facts

  • A Deed in Lieu of Foreclosure is an offer to sign the property in foreclosure over to the lender. If the lender accepts the deed, a mark of foreclosure on the borrower's credit report will be avoided.

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  • Lis Pendens Foreclosure Law and Process

      The lis pendens process is a judicial process of foreclosure that is used by lenders to institute foreclosur...
    • Site: foreclosurelawfirms.com
  • 2010 Foreclosure Avoidance Program and Updates

      Homeowners who are facing foreclosure now have more choices of programs under 2010 foreclosure laws than the...
    • Site: foreclosurelawfirms.com
    • 2 of 2 user(s) found this useful
  • Real Estate Foreclosure Law

    Unfortunately for many Americans, the need to familiarize themselves with current real estate foreclosure law ...
    • Site: lawfirms.com
  • Foreclosure State Law Basics

    Foreclosure laws vary from state to state and if you are facing foreclosure, you should be aware of what the l...
    • Site: foreclosurelawfirms.com
    • 4 of 4 user(s) found this useful
  • Foreclosure Law FAQ

    What exactly is foreclosure law and what does it cover? A. Foreclosure law governs the process of a bank or f...
    • Site: lawfirms.com
    • 3 of 4 user(s) found this useful

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