#1 MORTGAGE FORECLOSURES
When you get a loan for a home. In essence you are getting a contract with terms and conditions and collateral (usually the home). This establishes "security" for the lender. When a home owner doesn't make payments, then the home goes in the foreclosure process (a judicial process for the lender to get the home back).
#2 STRICT FORECLOSURE
I have no experience with a strict foreclosure, but I think I have the "jist" of it... This is when a bank takes the home back very quickly. Right after the "right of redemption" process. This is something that is allowed in some states. This is simply based on a "legal view" that the lender is the rightful owner of the property and not the borrower.
#3 TRUST DEED FORECLOSURES
The bast way to explain this is: It's a type of mortgage contract that will actually "pre-authorize" the lender to take the home back if the borrower defaults. About half the nation uses this system including Oregon.
Once again friends... Thanks for reading my blog. I just wanted to share my views, opinions, and knowledge. There's much more in these process' and I could have taken pages and pages to write it all but I wanted to keep it simple so we can have simple answer that are ready to spit out to our clients when they ask. Info deemed (by me) reliable but not guaranteed.
Aaron Majors
Principle Broker
MREALTY
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