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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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Real Estate Foreclosure News
GN News

51 Million Foreclosure Of NYC Penthouse Could Be Most Expensive CNBC
CNBC 51 million foreclosure of NYC penthouse could be most expensive CNBC A plush penthouse in one of New York39s most expensive buildings is headed to foreclosure, signaling new troubles for the high end real estate market. Foreclosures at One57 on NYC Billionaire39s Row Business InsiderBusiness Insider Billionaire39s Row penthouse goes into foreclosure for 50.9M New New York Post 51M Foreclosure Signals Bad News in Luxury MarketNewser Yahoo Finance NBC New York Gothamist Bloomberg all 14 news articles raquo

Manhattan Apartment Once Sold For 50.9 Million Heads To Foreclosure Auction ...
MarketWatch Manhattan apartment once sold for 50.9 million heads to foreclosure auction MarketWatch The latest unit in the building to hit foreclosure is a full floor penthouse bought for 50.9 million in 2014 by a mystery buyer who hid the purchase behind an LLC, One57 79 Inc., according to PropertyShark. The foreclosure auction was first reported

NC Offers Foreclosure Prevention Fund For Homeowners WFMY News 2
NC Offers Foreclosure Prevention Fund For Homeowners WFMY News 2 The NC Foreclosure Prevention Fund offers resources to NC homeowners for keeping their homes while they recover from a financial hardship. Foreclosure doesn39t just impact homeowners, it affects the whole state, said Scott Farmer, executive director

Pros And Cons Of Buying A House In Foreclosure Lehigh Valley Allentown Mor...
Allentown Morning Call Pros and cons of buying a house in foreclosure Lehigh Valley Allentown Morning Call Many benefits can come with buying a foreclosed property, but if you39re not knowledgeable about the process, there are pitfalls you need to consider. and more raquo

Speed Up The Foreclosure Process So Real Estate Can Rebound Chicago Tribune
Chicago Tribune Speed up the foreclosure process so real estate can rebound Chicago Tribune To speed a turnover to responsible new owners, most states have enacted some form of nonjudicial foreclosure but not Illinois. Here we still pretend to protect down on their luck borrowers who, given more time, might catch up on payments. But this

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Facts of Law explaining the foreclosure process

Facts of Law - Foreclosure