The way toward recouping the loan of a balance after a borrower defaults on installment payments is known as “foreclosure.” It generally includes taking the title to the property used to secure the debt, selling it, and applying the proceeds to the balance. It is often used in regards to real and physical property, particularly a house or other habitation, while the expression “repossession” frequently refers to individual property that is used as security on a loan. Very few consumer protection laws address foreclosures directly. However, there are some legal defenses available to property owners, if they believe that a foreclosure, pending foreclosure is invalid or issued in error.
Are You Facing Foreclosure?
Call, email or text me if you answer YES to one or more questions below.
- Have you missed two or more mortgage payments?
- Did your loan modification fall through?
- Are you upside down in your mortgage and just want out?
- Do you need to short sale your home?
- Are you looking to buy or sale a home or commercial property?