Welcome to Mortgage Foreclosure Guide
What Does Mortgage Foreclosure Mean Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Mortgage Foreclosure Sale
from:A mortgage foreclosure sale is a sale in which a homeowner’s home is sold because it was foreclosed or repossessed because the loan was in default. Unfortunately, today many homes are being repossessed due to loans that are not being paid as promised at the time of loan closing. The state of the economy, rising interest rates and the high cost of homes are being attributed to the large number of homes that are winding up in a mortgage foreclosure sale.
When a mortgage goes into default, it’s because the borrower has not made their payments as required. The bank or lender will usually not start foreclosure proceedings until 3 consecutive payments have been missed. Even then, the bank usually will try to contact the lender to make some sort of payment arrangements or see what the problem is. A bank usually doesn’t want to have to deal with a mortgage foreclosure sale anymore than the borrower does. A mortgage foreclosure sale involves a lot of paperwork, time and legal costs. Banks also do not want a REO (Real Estate Owned) on their books, as they usually lose money as well. In addition, the borrower not only loses their home but will have a poor credit rating for a few years after they’ve lost a home to a mortgage foreclosure sale.
There are a couple different types of mortgage foreclosures, depending on your state of residence. A judicial foreclosure or foreclosure by judicial sale, although only required in certain states, is available in all the states. This type of mortgage foreclosure sale involves having the property sold under the supervision of a court. The proceeds of the sale will go to pay off the mortgage first, then to any other lien holder and then the borrower, if there’s any money left. In this type of foreclosure sale, all parties must be notified of the sale.
Another type of foreclosure is foreclosure by power of sale. This type will usually be specified on the mortgage documents. In this type, the mortgage holder (bank or lender) can sell the property without first going to court. It’s quicker than the judicial sale, but the money is distributed in the same manner.
Strict foreclosure is a type of mortgage foreclosure sale that is available in only a few states. The borrower has a legal suit brought against him demanding that the mortgage be paid within a certain amount of time. If the borrower fails to do this, the mortgage holder gets title to the property and can do whatever they want with it, with no obligation to sell if they choose not to sell. Strict foreclosure was the first and original type of mortgage foreclosure.
What Does Mortgage Foreclosure Mean News
What the foreclosure settlement could mean for you - WWMT
 Business Insider | What the foreclosure settlement could mean for you WWMT (NEWSCHANNEL 3) - At least 40 states, including Michigan, have reached a settlement with five of the country's largest mortgage servicers. We've dug deeper to see how this settlement could affect people in our state. This settlement is the result of ... Weird: The NY Attorney General's Press Conference On The Mortgage Deal Has ... |
Home Foreclosures Rise in Chicago After Lull - DigitalJournal.com (press release)
Home Foreclosures Rise in Chicago After Lull DigitalJournal.com (press release) Cook County had the highest number of foreclosures pending in the state at 7412 filings. The sudden rise in filings may mean homeowners struggling to make their mortgage payments may need to pursue other options to save their homes. |
How to Score a Foreclosure Fraud Settlement Deal - Huffington Post
 FCIR | How to Score a Foreclosure Fraud Settlement Deal Huffington Post Once again we're hearing that a foreclosure fraud deal is about to be announced between major banks, the US government and most or all of the states. We've heard that before, only to have the deadline pushed back so that holdout Attorneys General can ... Deadline Closes In For Mortgage Relief Settlement Schneiderman MERS Suit and HUD's Donovan Remarks Confirm That Mortgage ... Will I need to file bankruptcy after they foreclose on my home? |
Grand jury indicts DOCX of 136 counts of fraud in Boone County - Columbia Missourian
 KMOX.com | Grand jury indicts DOCX of 136 counts of fraud in Boone County Columbia Missourian Robo-signees are persons posing as bank personnel or other authorized lenders who sign falsified mortgage documents, which are then used to authorize foreclosures on properties in default. Banks that were required to produce these documents during ... Closed Alpharetta company, founder indicted in robo-signing case |
$25B foreclosure deal: What it could mean for homeowners - CBS News
 Zee News | $25B foreclosure deal: What it could mean for homeowners CBS News What's worse is the settlement does not apply to loans held by Fannie Mae or Freddie Mac. Since Fannie and Freddie own about half of all US mortgages - or 31 million US home loans - that means a lot of homeowners who have been hurt by the banks' ... Banks square in mortgage fraud crosshairs again Are Schneiderman and Liberal Groups Selling Out to Obama on Bank Fraud? Obama puts Schneiderman on federal investigatory task force |