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Facts - Books - News    U.S. Facts Of Law:

Real Estate Foreclosure

 Real estate foreclosure is the process of repossessing a piece of real property such as a home.  It is a legal process used by the mortgage holder when the owner of the property is in arrears on the mortgage payments.

In strict foreclosure the mortgage holder takes title and possession of the real estate foreclosed in satisfaction of the mortgage loan.

Most states require a different type of real estate foreclosure process.  In a more common type of foreclosure instead of reverting to the ownership of the mortgage holder, the property is auctioned by the county sheriff or court officer.  Often the mortgage holder will place a bid at the amount of the remaining mortgage to insure that the property is not sold for an amount less than is still owed on the mortgage.  Should other bidders bid the price higher than the amount of the remaining loan, the party foreclosed upon receives the equity portion of the winning bid after foreclosure expenses.  This discourages the mortgage holder from forcing a real estate foreclosure for the purpose of grabbing an owner's equity.


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LePage Bill Intended To Protect Elderly From Tax Lien Foreclosure In Limbo K...
Kennebec Journal Morning Sentinel LePage bill intended to protect elderly from tax lien foreclosure in limbo Kennebec Journal Morning Sentinel Paul LePage39s office is working with a woman in Caribou whose home was foreclosed on, while a bill he initiated to try to protect homeowners from tax lien foreclosure remains in limbo. The bill LePage initiated to try to help elderly people stay in

Foreclosure Prevention Billaposs Future Uncertain Press Herald
Press Herald Foreclosure prevention bill39s future uncertain Press Herald Gov. Paul LePage39s office is working with a Caribou woman whose home was foreclosed on, while his bill to protect elderly homeowners from tax lien foreclosure remains in limbo. The bill, L.D. 1629, is one of several the Legislature voted to carry over

Slideshow 12 Housing Markets Where Foreclosures Are Picking Back Up National...
National Mortgage News Slideshow 12 housing markets where foreclosures are picking back up National Mortgage News Despite a national trend of declining foreclosure volume, a recent spike in foreclosure activity has created a number of hot spots in many local markets. Here39s a Kilmartin, RI Housing, Solomon Urge General Assembly to Renew Warwick Post Facing A Looming Deadline, Housing Advocates Push To Extend Rhode Island Public Radio all 3 news articles raquo

Oviedo Widow Avoids Foreclosure After Calling News 6 WKMG News 6 Amp ClickOr...
Oviedo widow avoids foreclosure after calling News 6 WKMG News 6 ClickOrlando OVIEDO, Fla. Bay Sherrod said she is still reeling from the demand letter asking for more than 18,000 in deferred mortgage payments, because she thought everything was fine. They would not talk to me, they said there was nothing they could do for

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Facts of Law explaining the foreclosure process

Facts of Law - Foreclosure