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Elizabeth New Jersey foreclosure

What are redemption rights? – These is when the borrower has the right to “redeem” what is owed and get title to their property after the sale. This is not available in all states and the length of this period varies. When the redemption period is long, investors purchase the junior liens on the property so that they may have the right to redeem the property from foreclosure. Whoever holds the most junior lien has the last right to redeem the property by paying the underlying liens. The highest right is reserved for the owner. By obtaining a quitclaim deed for the owner, you have the right to redeem the property yourself.

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Glossary

Simultaneous Closing foreclosure

Simultaneous Closing | The term “simultaneous closing” refers to two closings occurring simultaneously, or at the same time. This is a creative technique used when traditional financing will not work.

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Waco Texas foreclosure

Question: Who can foreclose on my property? – Answer: Mortgage holders and other lien holders who have a vested interest in loans on your property, which is used as collateral, can foreclose on you.

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Coral Springs Florida foreclosure

Question: When do foreclosure proceedings start? – Answer: In most cases, foreclosure proceedings are started when payments become delinquent.

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Glossary

Short Sale foreclosure

Short Sale | The sale of a property under or at market value that’s lower than the loan balance.

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Bellevue Washington foreclosure

Question: What is foreclosure? – Foreclosure is a legal process in which the rights to a property is taken away from the owner and the property is then sold to satisfy unpaid mortgages and liens against the property.

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Glossary

Sheriff’s Sale foreclosure

Sheriff’s Sale | The sale of a property to satisfy a debt or judgment.

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Sterling Heights Michigan foreclosure

Question: What about tax liens? – Answer: A tax sale can take place if you get behind on your property taxes. The tax sale can be initiated by federal, state or local taxing agencies.

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Glossary

Sellers Market foreclosure

Sellers Market | When the market conditions are such that the sellers have the advantage and multiple offers are made.

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McKinney Texas foreclosure

Question: If I lose my property through foreclosure, can I get any money from the foreclosure sale? – Answer: Yes. But first, any remaining balance on the mortgage will be paid along with all outstanding property taxes and court fees. In most cases, very little, if any money, will be left for you to get.

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