Types of Foreclosures

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Foreclosure Types are defined as the method by which a homeowner can request that a loan be re-amined after he or she has fallen behind on payments and fails to attempt rehabilitation before the end of the current month. In this instance, the loan contract is changed to reflect the borrower's new terms and conditions, including the date for the next payment due. This foreclosure type is most commonly used in judicial foreclosures. In non-judicial foreclosure proceedings, a lender can enter into a voluntary agreement or an informal agreement without the necessity of a court proceeding. The court may decide to send the matter to a jury trial if the lenders do not settle voluntarily. Learn more about foreclosure types on https://engstromlawnc.com/ blog by reliable NY attorneys.

Another of the foreclosure types is a bank-owned property. Banks are not really responsible for any defects that happen to a home due to the borrower failing to pay off his or her mortgage. But when it comes to non-judicial foreclosures, banks can sell a home to recoup some of the costs incurred while attempting to foreclose the property. As one of the types of foreclosed properties, bank-owned properties are often sold at auctions or through public auction sales. Auctions are usually the last resort for a bank after all other options have been exhausted.

Foreclosure Types other than judicial can also occur. When a mortgage company sells a property to pay a tax bill or when a homeowner has defaulted on his or her mortgage payments for a certain period of time, the mortgage company can pursue the delinquent mortgage payments through formal foreclosure procedures. These foreclosure types can be very complicated and can take a long time to resolve. If your lender files for a foreclosure on your home, contact a foreclosure lawyer who can explain the process and help you decide whether or not it is in your best interest to pursue foreclosure.

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