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Foreclosure Laws

The foreclosure process can differ from state to state. The main principle remains the same, but there are some legal aspects that can be different according to the legislation of each state. If you want to know more about foreclosures, you must start by knowing what mortgage instrument is used in the states that interest you. The two possibilities that allow a person to buy a house without paying the entire amount are the mortgage and the trust deed. The foreclosure process is different in each situation. To start the process of locating and buying a home in the foreclosure process, please click a state below:

If a borrower can't afford to pay their mortgage in a state that deals with this method, the house has to be sold under the regulations of judicial foreclosure. This means that the house can't be foreclosed until the legal departments that are supposed to supervise the process agree that the method is applied correctly. In this case, court supervision is car rental service mandatory at the beginning of the foreclosure process. The lender must have solid proof that the borrower is not making the payments stipulated in the mortgage contract. The lender has the obligation to inform the borrower repeatedly that he or she has to make the mortgage payments. If the lender proves that the borrower is aware of his or her debts but cannot pay them for any reason, the lenders attorney must file a "lis pendens." This is a public pre-foreclosure notice that announces to the borrower and potential home buyers that the house will soon be foreclosed and for sale. This is the judicial method of foreclosures, and it involves court houses and special rules and regulations.

In the case of states that use deeds of trust, the trustee must find the right way to sell the house, usually in public auctions or normal sales. This method is non-judicial and a non-judicial entity must find a way to sell the house.