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 karthikeyamurugesan
Joined: 18 Jul 2007
Posts: 9
4.50 Dollars($)
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 Posted: Wed Jul 18, 2007 6:36 am Post subject: How many types of Foreclosures are available |
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| How many types of foreclosures are available and can anyone in the forum gimme a brief idea about that. |
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richosasimohan
Joined: 18 Jul 2007
Posts: 38
23.23 Dollars($)
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| Posted: Wed Jul 18, 2007 6:55 am Post subject: types of foreclosures |
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Dear,
If you give me a day's time let me review and tell. |
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karthikeyamurugesan
Joined: 18 Jul 2007
Posts: 9
4.50 Dollars($)
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| Posted: Wed Jul 18, 2007 7:56 am Post subject: types of foreclosures |
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| Can you give a clear picture or what the scenario is so that a answer could be suggested. |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.84 Dollars($)
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| Posted: Wed Jul 18, 2007 4:39 pm Post subject: |
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Hi Karthikeyamurugesan,
Welcome to Mortgagefit discussion board.
Judicial foreclosure is which results from court action. The mortgage deed does not contain a power of sale clause so lender has to take the borrower to court for recovery of his dues.
On the other hand, a non-judicial foreclosure can be completed outside the court system. The property can be sold by lender under power of sale clause if the mortgage is in default. But in non-judicial foreclosure the lender cannot sue borrower for obtaining a deficiency judgment.
Do let me know if you have any other questions.
Thanks
Blue
_________________
Lets help each other. Try my blog |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.92 Dollars($)
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bever
Guest
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| Posted: Wed Jul 18, 2007 6:52 pm Post subject: |
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Is your loan in default karthikeyamurugesan?
If it is then you should immediately contact your lender about it. Tell him about your monetary problems because of which you are not able to make the payments.
Lender would help you out with some repayment plan to bring your loan current. |
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karthikeya.M
Guest
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| Posted: Fri Jul 20, 2007 2:16 am Post subject: Thanks |
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| Thanks alot for the reply and is any one have a different answer pls respond ....it would be a great help............. |
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hanth23
Joined: 22 Jul 2007
Posts: 23
11.06 Dollars($)
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| Posted: Sun Jul 22, 2007 6:54 am Post subject: Foreclosure |
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| Please do not opt for your property to be foreclosed, instead try and do short payoff of the loan. If that is not possible apply for a deed in lieu of foreclosure, since the mortgage company hires individuals to perform property valuation and other foreclosure procedures, the cost of which is transferred on to the borrower. |
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