Day: May 29, 2019

Understanding How Foreclosures Work

Understanding How Foreclosures Work

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In 2008 when the economy took a downturn, my house, along with many other people’s homes, went into foreclosure because I could not make the payments. Troubled homeowners who would like to find out more about their loan modification options can do their own research to gain a better understanding of the loan modification process. If the property does not sell at auction, the mortgagee keeps it, and later resells it in a normal real estate sale.

And finally, after the house is sold, ownership will transfer to the high bidder at the auction and the eviction process will start in the courts. The debtor may petition that the sale be set aside and the writ of possession cancelled for the reason that the mortgage was not violated or the sale was not made in accordance with the provisions thereof.

If the examination report reveals a cause of action sufficient …

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