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Hva er Foreclosure

Foreclosureisbasicallyalegalprocessbywhichalenderwhocanbeabank,mortgagecompany,etc.takesahomeowner’spropertyandrecoverstheirmoney, theyloaned, afterthepropertyownerstopspayingthemortgage.In den worstcasescenario,attheendoftheredemptionperiodthehomeownercanlosethepaidmoneyandalltherightsheorshehadontheproperty.Initially,accordingtolaw,oncethebuyerstopspayingmortgageinstallments.Thecompleteownershipofthepropertyusedtogointhehandsofthelender.However,inthelastfewyearsthelawchangedonthis,nowtheygiveenoughpossibletimetoabuyertopaybackmortgagebeforehandingtheirpropertytolender.

InUnitedStates,thebasicforeclosurelawisthesamebutdifferentstateshave differentvariationslikeinMassachusettsForeclosuredoesnotinvolveanycourtorder,oncealoanisdefaultpropertyautomaticallygoestolender.Basically,theprocessstartswhenthebuyerstopspayingmortgageinstallmentsonscheduledtimeforanypossiblereason.TheLenderfilesa“publicdefaultnotice."Nowthisprocessendsupineitheroffourways.

First,thebuyerpaysthelendertheamountdueor thebuyersellshispropertyandpaysthe amountdue, eller de auksjon av theproperty, andthe siste alternativet isthattheLendertakesownershipofthatpropertywithawrittencontractandsellsitintheopenmarket.TherearemanytypesofforeclosurebutinUnitedStatestwoaremainlyused.Oneis“foreclosurebyjudicialsale."Inthistypesaleofthepropertyisdoneunderthesupervisionofcourt,theamountreceivedas et resultat ofthe salefirstsatisfiesthemortgagethanotherlienholdersandfinallyrestsofthemoneygoestoamortgager.

TheSecondtypeis“foreclosurebypowerofsale,"itinvolvesthesaleofthepropertybythelender,inthiscasewithoutthesupervisionofcourt.However,themoneygoesthesameway,firsttothemortgage,thenthelienholderand lasttothemortgager.Overallthemostimportantthingtokeepinmindisthatforeclosureisalegalmatterwhichshouldbetakenveryseriously,inordertokeepowningtheproperty.Thecorrect stepsshouldbetakenatarighttime, otherwisethepropertyautomaticallygoestolender.



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