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LSDefine

Simple English definitions for legal terms

mortgage foreclosure

Read a random definition: United States Claims Court

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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join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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