How many types of Foreclosures are available

karthikeyamurugesan · Joined: 18 Jul 2007 Posts: 9 4.50 Dollars($)

How many types of foreclosures are available and can anyone in the forum gimme a brief idea about that.

richosasimohan · Joined: 18 Jul 2007 Posts: 38 23.01 Dollars($)

Dear,

If you give me a day's time let me review and tell.

karthikeyamurugesan · Joined: 18 Jul 2007 Posts: 9 4.50 Dollars($)

Can you give a clear picture or what the scenario is so that a answer could be suggested.

blue · Posted: Wed Jul 18, 2007 4:39 pm Post subject:

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

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

You can go through these two pages to know more about foreclosure in general and the two types of foreclosures, ie, judicial & non-judicial -

How does foreclosure affect borrowers?

US Judicial and Non-judicial Foreclosure

Miller

Guest 0.10 Dollars($)

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.

Guest 0.10 Dollars($)

Thanks alot for the reply and is any one have a different answer pls respond ....it would be a great help.............

hanth23 · Joined: 22 Jul 2007 Posts: 23 10.95 Dollars($)

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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