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2nd Mortgage Foreclosure Article
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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.
2nd Mortgage Foreclosure News
Class action over 2nd-mortgage debt collection
A Texas company that is aggressively trying to collect second-mortgage debt from hundreds of Californians is facing a class-action suit in Santa Clara County that contends it is carrying out an "insidious and illegal... Presented By: Avoid the hassle of sheet labels. Say goodbye to sheet label hassles. The DYMO® LabelWriter® 450 Turbo creates labels with customizable, individual addresses. No ...
Read more...Firm Targets Calif. Homeowners With Foreclosed 2nd Mortgages
Adding new uncertainty in the state's ongoing mortgage crisis, a Texas company is aggressively pursuing hundreds of Californians to collect second-mortgage debt -- on homes they've already lost through foreclosure.
Read more...Texas firm targets homeowners with foreclosed 2nd mortgages
Adding new uncertainty in the state's ongoing mortgage crisis, a Texas company is aggressively pursuing hundreds of Californians to collect second-mortgage debt - on homes they've already lost through foreclosure.
Read more...Texas firm targets Calif. homeowners with foreclosed 2nd mortgages
Adding new uncertainty in the state’s ongoing mortgage crisis, a Texas company is aggressively pursuing hundreds of Californians to collect second-mortgage debt – on homes they’ve already lost through foreclosure. Many of these former homeowners believed their mortgage debt had been erased after their houses were taken by banks and lending companies. But the Texas company, Heritage Pacific ...
Read more...N.J. foreclosure inventory spikes; 2nd most in nation
New Jersey's percentage of home mortgage loans in foreclosure continues to rise, even as rates nationally have fallen to the lowest level since 2008, a report released Wednesday showed.
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Citigroup :
Read more...Firm targets CA homeowners with foreclosed 2nd mortgages
Some homeowners who lost their houses to foreclosure thought the worst was behind them, but they were wrong. Now they're in double jeopardy.
Read more...Citi® Road To Recovery 2012 Series In Ohio Hosts Mortgage Foreclosure Prevention and Client Assistance Events
Who: All CitiMortgage homeowner clients having difficulty making mortgage payments and needing assistance What: Citi® Road To Recovery Ohio Homeowner Assistance Events Details: Cincinnati Tuesday, May 8, 2012 12:00 noon– 7:00 PM Millennium Hotel Cincinnati 150 West Fifth Street Cincinnati, OH 45020 Columbus Thursday, May 10 12:00 noon – 7:00 PM Sheraton Columbus Hotel 75 East ...
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