Foreclosure Prevention 101

By
Mortgage and Lending with Allied Mortgage

 

 

Why the State in which you purchased your home can make a world of difference in how fast it can be foreclosed and sold from under you.  

In the US there are basically 2 methods of foreclosing on a property.

1- Power of Sale

2- Judicial

 

Many of the 50 States fall under Power of Sale. Under this method, the title to the property when purchased doesn't actually get transferred to the buyer until the loan has been paid in full.

The foreclosure process in a Power of sale State can take place be very quickly 30-60 days after the lender has satisfied all of the prior requirements to initiate the foreclosure action.

Judicial, under a judicial method of foreclosure the title actually gets transferred to the borrower when the property is purchased. Under this foreclosure method the lender must file a lawsuit to regain the property.

For more information about this topic foreclosure help, resources and refinancing options.

http://www.loan-mitigation-services.com

Darren Britt

 

     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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