LIS PENDENS | a recorded notice of pending legal action, which notifies prospective purchases and encumbrances that any interest acquired by them in a property litigation is subject to the decision of the court.
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Allentown Pennsylvania 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.
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LIMITED POWER OF ATTORNEY foreclosure
LIMITED POWER OF ATTORNEY | a recorded document which authorizes someone to act as attorney-in-fact in a specific manner for someone else.
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Arvada Colorado 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
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JUNIOR LIEN foreclosure
JUNIOR LIEN | a legal claim upon real property recorded subsequent (or recorded prior but has subordinated) to another legal claim upon the same real property.
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Midland Texas 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
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INVALID foreclosure
INVALID | not legally sufficient; no binding force.
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Cambridge Massachusetts foreclosure
What is
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IMPORTANT NOTICE foreclosure
IMPORTANT NOTICE | A written document required by California law to be a part of the recorded Notice of Default. This document is completed by our office and attached to the Notice of Default (as page 1) prior to recording. It sets forth the reinstatement amount as of a specific date and contains certain language directed to the borrower and emphasizes the fact that a foreclosure proceeding has been initiated.
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Norman Oklahoma 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.