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What does Mortgage Foreclosure Really Mean?

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The borrower uses his or her home as security or collateral for a mortgage. If the borrower does not pay as agreed the lender can accelerate the mortgage and then places a lien on the property. Along those same lines, however, when the borrower pays off the loan, the lender gives the borrower a satisfaction of mortgage. The satisfaction of mortgage removes the lien on the property.

 

The foreclosure progress begins with the lender’s attorney filing a summons and a complaint to the borrower and any other parties that may have rights in the property.  A trial is held, but once the borrower is notified the borrower has twenty days to respond to the complaint.  The borrower can challenge the lender on the foreclosure lawsuit.  If the borrower challenges the foreclosure, the court has 40 days to respond back to the borrower.  Each challenge must be related to the mortgage foreclosure.  This process can go back and forth between the lender and the borrower as long as the borrower finds something incorrect information in the complaint. This, of course, slows the foreclosure proceedings because it must be heard in court.  By virtue of the back and forth of this procedure many homeowners can stay in their homes for months often years after they have stopped paying their mortgage.

 

 

Originally posted 2008-12-12 05:40:14. Republished by Blog Post Promoter

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Serena Brown is broker and owner of Taylor-Brown Real Estate. She is the author of this blog. She has also co-authored a book entitled Should I Short Sale My Home. She has authored a e-book How to Sell My Home. She will be authoring a book on real estate investing by April of 2010 and several reports. She has dual degrees in Business Administration and Electronic Engineering Technology. She prides herself on being up to date on all trends, news, and education related to real estate to include short sale, loan modification, etc. She also makes sure her clients are abreast of how these changes will affect them financial. Therefore, stay tuned for great information in 2010.
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14 Responses to What does Mortgage Foreclosure Really Mean?

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