FORECLOSURE
Encyclopedia of Everyday Law, October, 2005
REAL ESTATE FORECLOSURE
Sections within this essay:
Background Types of Foreclosure Acceleration Foreclosure By Judicial Sale Parties and Omissions Procedures Deficiency Judgments Foreclosure By Power of Sale Availability and Disadvantages Deed of Trust Constitutional Issues Federal Laws Affecting Foreclosure Bankruptcy Soldier and Sailors Relief Act Statutory Redemption Additional Resources Background
F ORECLOSURE is the LEGAL RIGHT of a MORTGAGE holder or other third-party LIEN holder to gain ownership of the property and/or the right to sell the property and use the proceeds to pay off the mortgage if the mortgage or lien is in DEFAULT . It is a concept that has existed for centuries.
Initially, the law had it that a mortgage default resulted in...
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