Foreclosure is a catch-all term for the processes used by mortgage-holders , or mortgagees , to take mortgaged property from borrowers who default on their mortgages Foreclosure, like mortgages generally, is governed by the law of the place where the mortgaged thing is. All involved need a resolution that will end in a resumption of the payments, or an agreed-upon foreclosure with indemnities to the home owner against future troubles (say from the real owner of the original promissory note), or some contractual arrangement that ends up with a salable property in the local community.
The morally corrupt bank sponsored attorney – Kristi Pallen – ( [email protected] ) (330-405-1199) has fought hard to legally block the Yeager’s request for a Stay (of an eviction) and also has refused a supersedeas property bond offer (collateral). If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.
While you are in mediation the foreclosure action is stayed and cannot proceed further so the bank cannot file default motions creating the need to file defensive pleadings. And not just in mortgage finance, but in virtually every realm of our transaction-obsessed society, the message is that enduring relationships count for less than the value put on assets for sale.
Australia and New Zealand : Foreclosure has been prohibited by law in New Zealand for well over a century. Filing a simple answer will avoid a default but foreclosure defense litigation is much, much more then filing an answer. Review the qualifications of the loan modification company and find out if your loan modification will be handled by an attorney or experienced professional of passed off to staffer with no experience or qualification.
The lender may not collect rents for periods prior to the Trustee Sale, and may not collect rent if you’ve already paid your now former landlord for the month in which the Trustee Sale occurs. 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.