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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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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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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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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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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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Cedar Rapids Iowa foreclosure
Question: If I file bankruptcy, how will that help me? – Answer: Bankruptcy will stop the foreclosure proceedings and give you time to work out a plan through the courts.
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Carrollton Texas foreclosure
Question: How will I know when the foreclosure process begins? – Answer: Once foreclosure proceedings are initiated, a Notice of Default will be recorded at the County Recorders Office in the county in which the property is located and you will be notified by regular mail and by certified mail.
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Columbia South Carolina foreclosure
Question: How much time is given to vacate the property once the foreclosure process is completed? – Remember, once the Trustee’s sale is complete, the title to the property is given to the new owner and your rights to the property are gone and the new owner gets immediate possession. Note: Foreclosure is a serious matter and it is advisable to contact an attorney for legal advice.