What home-buyers, foreclosure investors, and real estate agents need to know about foreclosure listings. The foreclosure process may proceed in one of three ways depending on your state: judicial sale, which requires that the process go through court; power of sale, which can be carried out entirely by the lender; or strict foreclosure, which is only available in a few states and requires the lender or a servicer acting on the lender’s behalf to file a lawsuit against the borrower.
Held, in an accounting had between the payee and the maker subsequently to the judgment, the payee was authorized to retain the attorney’s fees and costs which it had recovered, in addition to the principal and interest, and the expenses of the sale of the property, and where the payee, after retaining these items, paid over to the maker the balance of the proceeds of the sale, the maker could not then maintain a suit to recover of the payee and its attorneys such attorney’s fees and costs.
In recent years the combination of subprime lending, securitization of mortgage loans, a housing market that first boomed then busted, rapacious predators who worked hard to take for themselves the equity people had built up in their homes, and foreclosure mills that operated with neither proper paperwork, nor attention to the rules of law, much less common decency, led to an explosion of laws and legal actions designed to deal with these matters.
If someone successfully bids on the property, they will be required to deposit 10% of that bid in the Clerk of Courts office by cash, money order or cashier’s check – a personal check will not be accepted as indicated in the Notice of Sheriff’s Sale.
Exemption: RA 8791 limits the redemption period of juridical mortgagors to only 3 months, to begin from the date of the foreclosure sale but not after the registration of the certificate of foreclosure sale whichever comes first whenever the mortgagee is a bank.