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Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.[1]
Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law. Learn how to Stop foreclosure Atlanta. Stop the stress!
Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. Call NOW! (626) 201-2716! Learn how to stop foreclosure Atlanta. 30310.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust." Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien." If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment. In many states in the United States, items included to calculate the amount of a deficiency judgment include the loan principal, accrued interest and attorney fees less the amount the lender bid at the foreclosure sale. Learn how to Stop foreclosure Atlanta. Stop the stress!
Foreclosure by power of sale, also known as nonjudicial foreclosure, is authorized by many states if a power of sale clause is included in the mortgage or if a deed of trust with such a clause was used, instead of an actual mortgage. Prevent foreclosure Atlanta, Ga. 30315.
Other types of foreclosure are considered minor because of their limited availability. Under strict foreclosure, which is available in a few states including Connecticut, New Hampshire and Vermont, suit is brought by the mortgagee and if successful, a court order. Call NOW! (626) 201-2716.
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The Lender will also include any unpaid property taxes and delinquent payments in this amount, so if the borrower does not have significant equity they will owe more than the original amount of the mortgage. Learn how to Stop foreclosure Atlanta.
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In the case where the remaining mortgage balance is higher than the actual home value the foreclosing party is unlikely to attract auction bids at this price level.
Further borrower's obligations
The mortgagor may be required to pay for Private Mortgage Insurance, or PMI, for as long as the principal of his or her primary mortgage is above 80% of the value of his or her property. In most situations, insurance requirements are sufficient to guarantee. Call NOW! (626) 201-2716.
Contact us today to stop Atlanta foreclosure. (626) 201-2716.
Prevent foreclosure Atlanta, Ga. 30315.
Learn how to Stop foreclosure Atlanta 30310.
Call NOW! (626) 201-2716.
Homeowners can lower their monthly mortgage payments and get into more stable loans at today's low rates. And for those homeowners for whom homeownership is no longer affordable or desirable, the program can provide a way out which avoids foreclosure. Additionally, in an effort to be responsive to the needs of today's homeowners, there are also options for unemployed homeowners and homeowners who owe more than their homes are worth. Please read the following program summaries to determine which program options may be best suited for your particular circumstances. Learn how to Stop foreclosure Atlanta 30310, 30315.
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Home Affordable Refinance Program (HARP): If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. Contact us today to stop Atlanta foreclosure. (626) 201-2716.
“Underwater” Mortgages
In today's housing market, many homeowners have experienced a decrease in their home's value.
Learn how to prevent foreclosure Atlanta Ga. 30310. We would like to offer you suggestions on one of the ways we have helped others prevent foreclosure.
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Contact us today to stop Atlanta, Georgia foreclosure. Call NOW! (626) 201-2716. • Stop foreclosure Atlanta 30315 Call NOW! ...
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