PRESENT OWNER, CURRENT OWNER, NEW OWNER | the successor to the trustor named in the deed of trust and now the owner of the property.
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West Jordan Utah foreclosure
Q: What does it mean to be in foreclosure? – A: According to dictionary.com, to foreclose is to deprive (you) the mortgagor of the right to redeem mortgaged property, when payments have not been made. When you have missed two months worth of payments you have defaulted on your loan, but you are not yet in foreclosure. The foreclosure proceedings will not initiate until the mortgage lender or bank submits paper work to a prosecuting attorney.
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PRE-PUBLICATION PERIOD foreclosure
PRE-PUBLICATION PERIOD | the three month period following the recording of the notice of default. Prior to 1986 this period was called the reinstatement period.
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Lewisville Texas foreclosure
Q: What are my options? – A: Once the mortgage lender sends letters informing you of the Foreclosure it is important that you keep your head up; find a way to fix things. Immediately start considering your options of another loan, refinancing, etc. On the other hand, if you know you are in over your head then selling is always an option. To keep from falling deep into the foreclosure process it is really important to weigh out your options, looking at your finances and what you can afford in the future.
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PRELIMINARY INJUNCTION foreclosure
PRELIMINARY INJUNCTION | A judicial order granted by a judge of the Superior Court, which prohibits the trustee from proceeding with any further action on a specific foreclosure file until a trial is held or settlement reached. This occurs when there is a dispute between the owner of a property and the beneficiary. A Trustee’s Sale cannot be held any sooner than seven (7) days from the dismissal of the action or the expiration of a restraining order, injunction or stay from any court of competent jurisdiction. However, the order or any amendment thereto may expressly provide for an earlier sale date.
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Murfreesboro Tennessee foreclosure
Q: If I lose my house in foreclosure are my chances of buying again lessened? – A: If you apply for a loan on another house your past foreclosure will show in your credit history. This does not mean you will not qualify for a loan; however you are less likely to receive, for instance, a low down payment loan. It is very important to stay informed and knowledgeable in how to stop the Foreclosure before it happens. There are people who are willing to take the time and help.
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POSTPONEMENT foreclosure
POSTPONEMENT | a verbal announcement made at the time and place of the scheduled trustee’s sale that establishes a new date or time for the trustee’s sale. The sale cannot be changed from the originally noticed location.
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Round Rock Texas foreclosure
Q: If I am in foreclosure, how much time do I have until I have to leave the house? – A: Laws vary from state to state; in states like Georgia a foreclosure house for sale is advertised to the public only seven days after being filed. However in other states, the house is not publicly advertised until the 130th day of the foreclosure process. If you look online or go to the library and look up your state legislature, you will find a slue of detailed statutes. Do some research so you know exactly what timeline you are dealing with, but the bottom line is to act as quickly and wisely as possible.
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NOTICE OF TRUSTEE’S SALE foreclosure
NOTICE OF TRUSTEE’S SALE | a written document that sets forth the day, date and time of the trustee’s sale, describes the property to be sold and gives an estimate of the unpaid debt as of the first publication debt. This document is prepared by the trustee and does not require the acknowledgment of a notary public and must be recorded with the county recorder in the county in which the property is located at least 14 days prior to the scheduled sale date. We must arrange for the notice of trustee’s sale to be published in a qualified newspaper in the city (or judicial district), in which the property is located. This publication must appear for 3 consecutive weeks, with the first publication date being at least 20 days prior to the sale date.
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West Covina California foreclosure
Q: Does the lender have the right to repossess my house, even though I have been paying for it all this time? – A: Unfortunately, yes. Even though you only missed those few payments and had paid so many others, the mortgage documents or deed of trust (depending if you live in a judicial or non-judicial state) gives the lender the right to foreclose and repossess the property after you have defaulted on payments for a certain length of time.