The judicial process varies to some extent from state to state. However, there are a number common legal practices and rules that most courts follow in cases of judicial foreclosure. The following is a review of the basics. The lender in a foreclosure action is called the plaintiff and must file a civil action against Read more…
Why All The Financial Suffering? Opinion
Why All The Financial Suffering? Many people point to all those foreclosures and the economic chaos and ruin that followed the collapse of the housing market. Much of it had been brought on by overzealous lenders who lured borrowers into teaser loans containing low front-end payments that later adjust into much higher rates and higher Read more…
State Foreclosure Laws
FORECLOSURE LAWS BY STATE Alabama Foreclosure Law Alaska Foreclosure Law Arizona Foreclosure Law Arkansas Foreclosure Law California Foreclosure Law Colorado Foreclosure Law Connecticut Foreclosure Law Delaware Foreclosure Law Florida Foreclosure Law Georgia Foreclosure Law Hawaii Foreclosure Law Idaho Foreclosure Law Illinois Foreclosure Law Indiana Read more…
Foreclosure
The Foreclosure Process Learn about the foreclosure process. Know the difference between judicial and non-judicial foreclosure. Learn which foreclosure process governs in your state. Learn about default, notice of default and election to sell. Learn about reinstatement, partial repayment and the trustee sale… Short Sales – Deed In Lieu Of Foreclosure Learn the differences between Read more…
Consider Negotiation At Every Stage Of Judicial Foreclosure
Your attorney should consider negotiating with your lender even in the late stages of the foreclosure process. This is especially true if you believe or have evidence that the lender did not comply with the rules and technical requirements governing the foreclosure. You might be able to negotiate a favorable position if the lender thinks Read more…
What If The Property Being Foreclosed Produces Income In Judicial Foreclosures?
In civil actions within the judicial foreclosure process the lender can allege and request in the complaint and subsequent pleadings that the court appoint a receiver, in favor of the lender, who will manage the financial responsibilities of the property, including collecting rents. Judicial foreclosure affords lenders with certain creative options like injunctive and declaratory Read more…
Living In The Home During The Redemption Period In Judicial Foreclosures
Under judicial foreclosure, most states will allow you to keep possession of the home during the entire redemption period. However you will be obligated to pay the purchaser of the property the fair rental value of your use during your occupancy of the property. Once the redemption period expires however, you will be obligated to Read more…
Post-Sale Redemption In Judicial Foreclosure
JUDICIAL POST-SALE REDEMPTION Some states like California, afford you an additional redemption opportunity after the foreclosure sale has concluded. This is called “post-sale redemption” and it is, in most cases, the final opportunity for you to save your home by paying the full redemption price plus costs and fees. Note however, a post-sale redemption is Read more…
The Deficiency Judgment In Judicial Foreclosures
While not all states allow lenders to obtain a deficiency judgment, some still do as a way of obtaining maximum leverage against the borrower. Also, since it is unlikely the lender will obtain the full amount of the debt from the foreclosure sale, the lender will seek to recover their full measure of damages against Read more…
In Judicial Foreclosure Will My House Be Sold For Fair Market Value?
If you are concerned that your home will be sold for less then the fair value, many states like California afford you the right to petition the court to determine the market value of the home at the time of the foreclosure sale. This issue usually comes up in response to the lenders petition for Read more…