If you’re a buyer considering a foreclosure purchase, be sure you’ve evaluated the advantages and disadvantages of this type of transaction first. The house has been unoccupied for over a year now since his death and it is falling apart slowly…I want to get it fixed and rented but at the time didn’t know if they would foreclose so I just emptied it of its contents to be safe…however, if this motion to dismiss is won I would assume, with or without prejudice, that any future claims for foreclosure may meet the same end (a request for the original promissory note and a failure to produce).
Homeowners in pre-foreclosure could come up with the money to put their loan back in good standing; a lender might be dissatisfied with the offers at auction and take full ownership of the home, potentially waiting months before offering it for sale as a REO property.
Of the entire debt as attorney’s fees in the event of the maker’s default in paying the same, and the deed contained also a power of sale authorizing the payee in case of such sale to collect the proceeds and retain the expenses of the sale and the amount of the indebtedness, including such attorney’s fees.
When the creditor wishes to exercise a power of foreclosure prior to obtaining a judgment on the note and thereby save time and expense, he will be required to comply with the confirmation statute before instituting any action for a deficiency judgment.
Of the whole debt as attorney’s fees in the event of the maker’s default in paying the debt at maturity, and the deed contained also a power of sale, authorizing the payee, in case of such default, to sell the land at public outcry after four weeks’ advertisement, and out of the proceeds to retain the expenses of the sale and the amount of the indebtedness, including such attorney’s fees, the maker to receive any surplus that might be left.