Hvad er Foreclosure

Foreclosureisbasicallyalegalprocessbywhichalenderwhocanbeabank,mortgagecompany,etc.takesahomeowner’spropertyandrecoverstheirmoney, theyloaned, afterthepropertyownerstopspayingthemortgage.In den worstcasescenario,attheendoftheredemptionperiodthehomeownercanlosethepaidmoneyandalltherightsheorshehadontheproperty.Initially,accordingtolaw,oncethebuyerstopspayingmortgageinstallments.Thecompleteownershipofthepropertyusedtogointhehandsofthelender.However,inthelastfewyearsthelawchangedonthis,nowtheygiveenoughpossibletimetoabuyertopaybackmortgagebeforehandingtheirpropertytolender.

InUnitedStates,thebasicforeclosurelawisthesamebutdifferentstateshave differentvariationslikeinMassachusettsForeclosuredoesnotinvolveanycourtorder,oncealoanisdefaultpropertyautomaticallygoestolender.Basically,theprocessstartswhenthebuyerstopspayingmortgageinstallmentsonscheduledtimeforanypossiblereason.TheLenderfilesa“publicdefaultnotice."Nowthisprocessendsupineitheroffourways.

First,thebuyerpaysthelendertheamountdueor thebuyersellshispropertyandpaysthe amountdue, eller de auktion af theproperty, ogKommissionens sidste mulighed isthattheLendertakesownershipofthatpropertywithawrittencontractandsellsitintheopenmarket.TherearemanytypesofforeclosurebutinUnitedStatestwoaremainlyused.Oneis“foreclosurebyjudicialsale."Inthistypesaleofthepropertyisdoneunderthesupervisionofcourt,theamountreceivedas et resultat afde salefirstsatisfiesthemortgagethanotherlienholdersandfinallyrestsofthemoneygoestoamortgager.

TheSecondtypeis“foreclosurebypowerofsale,"itinvolvesthesaleofthepropertybythelender,inthiscasewithoutthesupervisionofcourt.However,themoneygoesthesameway,firsttothemortgage,thenthelienholderand lasttothemortgager.Overallthemostimportantthingtokeepinmindisthatforeclosureisalegalmatterwhichshouldbetakenveryseriously,inordertokeepowningtheproperty.Thecorrect stepsshouldbetakenatarighttime, otherwisethepropertyautomaticallygoestolender.