Foreclosure, Legal Process: Mortgage Lender, Termination

Foreclosure, Legal Process, Building, Mortgage Lender, Termination, Redemption

Foreclosure Process : Mortgage Termination

Property Article

5 May 2012

Foreclosure

Foreclosure is the legal process where a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

A mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower (mortgagor)’s equitable right of redemption, either by court order or by operation of law.

Home buyers who want a good deal in real estate invariably think first about pursuing foreclosures. Buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.

Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily.

Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that (s)he can successfully repossess the property. Therefore, through the process of foreclosure, the lender seeks to foreclose the equitable right of redemption and take both legal and equitable title to the property in fee simple.

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the 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”.

Foreclosure Process
Via: McFarlin Law

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“Do you use the front room much,” I ask a friend the other night, over a glass of wine as our kids rumble away upstairs. Six of us are sitting by a huge hearth in his back room mellowing out as the heat makes its way into our bones. “Well, not much…in the summer we’re there a lot.”

This is how my grandmother used to talk. There were rooms in her house that, come winter, were practically off limits. As the sun and temperatures shifted, so did the way you lived inside the big homestead. This is far from the experience of my urban peers. In their sea of tract housing, one can barely notice all the subtle changes of the changing seasons.

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Foreclosure