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Simple English definitions for legal terms

mortgage foreclosure

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A quick definition of mortgage foreclosure:

Mortgage foreclosure is a legal process where a lender takes away a borrower's property because they have not paid back the money they borrowed. The lender can either take ownership of the property or sell it to pay off the debt. There are different types of foreclosure, including judicial foreclosure, where a court is involved, and nonjudicial foreclosure, where a court is not involved. Tax foreclosure is when a public authority takes and sells a property because the owner has not paid their taxes.

A more thorough explanation:

Mortgage foreclosure is a legal process where a lender (the mortgagee) takes action to end a borrower's (the mortgagor's) ownership of a property. This is done either to gain ownership of the property or to force a sale to pay off the unpaid debt secured by the property.

There are different types of mortgage foreclosure:

  • Equitable foreclosure: This is a court-ordered sale of the property, with the proceeds used to pay off the mortgage debt. Any surplus is paid to the borrower.
  • Judicial foreclosure: This is a court proceeding that involves many legal steps, such as filing a complaint, serving notice, and holding a hearing. It is a costly and time-consuming process, but it is available in all jurisdictions and is the most common method of foreclosure in at least 20 states.
  • Nonjudicial foreclosure: This is a foreclosure method that does not require court involvement. It can be done through a power-of-sale foreclosure, where the property is sold at a nonjudicial public sale by a public official, the mortgagee, or a trustee, without the stringent notice requirements, procedural burdens, or delays of a judicial foreclosure.
  • Strict foreclosure: This is a rare procedure that gives the mortgagee title to the property without first conducting a sale, after a defaulting borrower fails to pay the mortgage debt within a court-specified period.

For example, if a borrower fails to make mortgage payments, the lender may start a foreclosure process to take ownership of the property. The lender may choose to go through a judicial foreclosure, which involves going to court, or a nonjudicial foreclosure, which does not involve court action.

Another example is if a borrower owes property taxes and fails to pay them, the local government may start a tax foreclosure process to seize and sell the property to pay off the taxes owed.

mortgage discount | mortgage-guarantee insurance

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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