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LSDefine

Simple English definitions for legal terms

mortgage foreclosure

Read a random definition: citatio ad reassumendam causam

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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BulbasaurNoLikeCardio
18:10
I spent $600 on a custom AR10 upper in September and just got called and told they now may not ship it until fucking January. Trump needs to make my ship shit faster.
18:10
They making food more expensive so less fats
18:10
trust
babycat
18:11
RFK future
18:12
You need to perform Kennedy Presidential Fitness Test to graduate law school
18:12
Over/under on t14 students
18:12
70%?
18:12
20?
18:13
Babycat are you drinking the chemical waters
BulbasaurNoLikeCardio
18:13
Told them this is ridiculous and they took $140 off so my patience has been bought. Now I need to find another distraction from this shitty teacher
18:13
Original price was 460 they just ripped ya off
18:13
jk that is nice
babycat
18:14
@EvolBunny: I love fluoride 😍😍😍
18:14
omg me too
BulbasaurNoLikeCardio
18:15
@EvolBunny: I am fine with them making their cut and all that but I bought it with an adjustable gas block, new LVPO and foregrip so I just have a bunch of parts and ammo with no way to shoot it
@BulbasaurNoLikeCardio: i mean getting paid for their incompetence is based
18:15
they think you are going to attack dj trump
BulbasaurNoLikeCardio
18:18
@BulbasaurNoLikeCardio: they blaimed it on their IT team for not updating it as out of stock when I paid but like buying something in stock in September then being told I won't get it until mid January is pretty wild. I do not hunt anymore but their mistake would of caused me to miss the entire season. If it wasn't so hard to get left handed ARs I would of gone elsewhere
oh that's kind of worth more than $140
that's at least $300
18:19
@BulbasaurNoLikeCardio: what you gonna do when january hits and they are like "it still isnt here come back in april"
BulbasaurNoLikeCardio
18:20
Its a $600 part, they already covering shipping and paying the tax so $140 is an additional 25% off.
BulbasaurNoLikeCardio
18:20
If it doesn't come January I am going to just say fuck it and toss everything on the right handed upper and just eat gas.
18:21
You should have said to refund you or give 300 off
18:21
wasp is wasp
18:21
knows how be rich and demand shit lmfao
i am atheist not protestant
18:22
same thing tho ya? - catholic
BulbasaurNoLikeCardio
18:23
Ill just keep arguing for more money off until I get it or they end up paying me to take it lmao
18:24
what other guns ya got
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