Lease | An agreement involving payment of rent for possession of real estate for a specific period of time.
Categories
Author: adminnfc
Categories
Joliet Illinois foreclosure
What is non-judicial foreclosure? – Commonly called “power of sale”, this allows a lender to foreclose without a lawsuit, which is permitted by most states. Instead of a mortgage, the grantor (“borrower”) gives a “deed of trust” to the trustee to hold for the lender (“beneficiary”). When the grantor defaults, the lender files a notice of default and a notice of sale, published in the newspaper. This process takes only 90 days.
Categories
Landlord foreclosure
Landlord | He who, being the owner of an estate of land, or rental property, has leased it to another person.
Categories
Alexandria Virginia foreclosure
What is judicial foreclosure? – Used in about half of the states in America, a lender (“mortgagee”) brings a lawsuit against the borrower (“mortgagor”) to get the property. About half of the states use judicial foreclosure. Like all lawsuits, it starts with a complaint and summons to the borrower. When in judicial foreclosure, what happens if the borrower doesn
Categories
Land Contract foreclosure
Land Contract | An agreement used to sell real property that transfers ownership of the property, but the title does not transfer until most or all of the purchase price is paid.
Categories
Corona California foreclosure
What is a foreclosure? – A foreclosure is a legal process where the bank or other creditor takes control of the collateral for a promissory note in default. This collateral is a parcel of real property, and the lender either sells or repossess this property. The process is slightly different from state to state, but there are basically two types of foreclosure, judicial and non-judicial. The type of foreclosure depends on the state. In a mortgage state, the foreclosure used will be a judicial foreclosure and in a deed of trust state, non-judicial foreclosure is used. Florida is a mortgage state, therefore judicial foreclosure will be used. We
Categories
Junior lien foreclosure
Junior lien | A lien that is subordinate or junior to a senior lien.
Categories
Pomona California foreclosure
What is
Categories
Judicial Foreclosure foreclosure
Judicial Foreclosure | A foreclosure process which is executed via a court action.
Categories
Eugene Oregon 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.