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Simple English definitions for legal terms

foreclosure

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A quick definition of foreclosure:

Foreclosure is a legal process used by mortgage lenders to take back property from borrowers who have not been able to make their mortgage payments. When a borrower falls behind on their payments, they enter default and start to accumulate fees and charges. Mortgage lenders can negotiate with borrowers to adjust the terms of the mortgage or allow them to sell the property, but if they cannot come to an agreement, the lender can foreclose on the property. There are two types of foreclosure: judicial, which requires a court order, and non-judicial, which does not. The process can take several months, and in some states, borrowers have a right of redemption that allows them to get back their foreclosed property by paying the unpaid balance of their mortgage.

A more thorough explanation:

Foreclosure is a legal process used by mortgage-holders to take mortgaged property from borrowers who default on their mortgages. When a borrower falls behind on mortgage payments, they enter default and start to accumulate late fees, legal fees, and other charges that are added to their outstanding debt. Mortgagees can negotiate with borrowers to adjust the terms of the mortgage, refinance, allow the borrower to sell the property, or allow the borrower to make up for missed payments. However, if negotiations fail, mortgagees can foreclose on the property.

There are two types of foreclosure: judicial and non-judicial. Judicial foreclosures require a court order, while non-judicial foreclosures do not. Non-judicial foreclosures may only be used where the mortgage has a power-of-sale clause, which most often appears in deeds of trust. Acceleration clauses are also included in most mortgages, which require borrowers to pay the rest of the loan immediately if they fall far enough behind in their payments.

Lenders frequently bundle groups of mortgages into mortgage-backed securities and sell shares of the securities to investors. As a result, some mortgages have many owners, making it difficult for borrowers to modify the terms of their mortgage. Similarly, mortgagees might have trouble proving that they own a mortgage they want to foreclose on.

Most states require mortgagees to sell foreclosed property at public auction. If the property does not sell at auction, the mortgagee keeps it and later resells it in a normal real estate sale. State laws vary regarding what happens if foreclosed property sells for less than the borrower's unpaid debt. In some states, borrowers are liable for the difference, while in others, they are not. If the property sells for more than the borrower's unpaid debt, the borrower gets the difference.

In some states, borrowers have a right of redemption that allows them to get back foreclosed property. If the original mortgagee owns the property, borrowers may exercise the right by paying the bank the unpaid balance of their mortgage. If the property was already resold at auction, borrowers must pay the purchaser whatever they paid for it. Rights of redemption only last for a limited time, which varies by state.

Once mortgagees begin the foreclosure process, it may take them six months or more to get clear title to the mortgaged land, depending on the state, foreclosure type, and type of mortgage.

forcible transfer | foreclosure sale

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bbq it is
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amlaw
17:40
do you guys want to hear my newest irrational fear
[] ararara
18:18
That you have so much fun tonight dancing after the sun goes down you fall in love but way too hard and your heart pops!
[] ararara
18:19
Hi wherever you are hope you have a great Saturday! Stay hydrated!
hydrating! 👹
[] ararara
19:12
Hahah lolll show those fools your dance moves!! I am actually about to start working until about 4 in the morning so I can go out of town Tuesday so avenge me!
[] ararara
19:12
I came face to face with an Amazon worker on prime day though and that was crazy. Don’t think I’ll ever forget that. They looked completely drained it was insane.
rip to that young lad, wishing them hydration and days off from work. don’t work yourself too hard ara! chronic stress kills!
[] ararara
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Thanks wasp right back at you! You too! This work is really interesting! It’s one of three jobs where it’s been hard to stop before school starts for sure.
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you have to be the art hoe gf u want to see in the world
willing
manifestmoreadmissions
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bunny i am trying so hard idk if i can cut it
amlaw what's your fear
amlaw
10:02
that i got rejected from washu and just didn't see the email even though i've checked my spam and everything because they don't change their portals at all
that sucks :(
amlaw
10:36
and i know its crazy lol
hahaha yes it is crazy lol
babybunny
15:03
Heard Biden dropped out of the race. Made me remember when you said bye den dropped out of my life. You'll always be my first choice nominee. No need to text back
amlaw
15:03
i have never fully comprehended any of your messages bunny
when you said bye den dropped out of my life
i have a 3.38 and hope to get a 175+ on the LSAT
Does anyone know which schools place in federal positions outside of T14? UT,SMU, TAMU, George Mason, George Washington, ASU)
odds for sls waitlist this cycle?
Justvibin123
18:33
Who ever is accepted at Wayne state and is not attending can you please withdraw your app 🥹
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