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Old 09-07-2008, 08:55 PM   #7 (permalink)
boykinmama
Senior Member
 
Join Date: Aug 2008
Posts: 662
Read it and weep... it is time you took your own advice. Put up or shut up.

Right out of wiki... but also in my licensing material.

Foreclosure by judicial sale, more commonly known as Judicial Foreclosure, is available in every state and required in many, involves the sale of the mortgaged property under the supervision of a court, with the proceeds going first to satisfy the mortgage; then other lien holders; and,

finally, the mortgagor/borrower if any proceeds are left.

As with all other legal actions, all parties must be notified of the foreclosure, but notification requirements vary significantly from state to state. A judicial decision is announced after pleadings at a (usually short) hearing in a state or local court. In some fairly rare instances, foreclosures are filed in Federal courts.

Foreclosure by power of sale, which is also allowed by many states if a power of sale clause is included in the mortgage. This process involves the sale of the property by the mortgage holder without court supervision. It is generally more expedient than foreclosure by judicial sale. As in judicial sale, the mortgage holder and other lien holders are respectively first and second claimants to the proceeds from the sale.

Other types of foreclosure are considered minor because of their limited availability. Under strict foreclosure, which is available in a few states including Connecticut, New Hampshire and Vermont, suit is brought by the mortgagee and if successful, a court orders the defaulted mortgagee to pay the mortgage within a specified period of time. Should the mortgagor fail to do so, the mortgage holder gains the title to the property with no obligation to sell it. This type of foreclosure is

generally available only when the value of the property is less than the debt

("under water"). Historically, strict foreclosure was the original method of foreclosure.

BUT NOW IS ONLY AVAILABLE IN THREE STATES... HINT...ONE MUST KEEP UP ON THESE THINGS... AND BUY UPTODATE LAW BOOKS.

Last edited by boykinmama; 09-07-2008 at 09:00 PM.
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