Legal Foreclosure Forms

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Commonly Asked Questions about Legal Foreclosure Forms

Which type of foreclosure involves a court?

Judicial foreclosure refers to foreclosure proceedings that take place through the court system. This type of foreclosure process often occurs when a mortgage note lacks a power of sale clause, which would legally authorize the mortgage lender to sell the property if a default occurred.

What happens when a house is foreclosed by the Bank Philippines?

Once the bank takes over on the property, it sells the property at a discounted price to recover money lost on the mortgage loan. Foreclosure remains on a borrowers credit report for seven years and it is one of the worst types of credit report entered and can have negative impact on future ability to get credit.

What is the new law for foreclosure in NY?

The new law amends New Yorks election of remedies law to provide that once a foreclosure action is barred by the statute of limitations, a loan owner or servicer is prohibited from bringing any other action to recover the same part of the mortgage debt, including both another foreclosure action and an action to

What is the process of foreclosure in NY?

Lender asks court for a judgment on default and to appoint a Referee to decide the amount you owe and write a report. Lender asks court to accept the Referees findings. Judge orders sale of your home. Lender and Referee choose date for auction at the courthouse.

What court handles foreclosures in NY?

What is commonly called a foreclosure is a lawsuit that the mortgage holder files against a homeowner in the supreme court where the property is located.

What is a Judgement of foreclosure and sale in NY?

Upon a judgment of foreclosure and sale, the new owner can seek to evict you from the property. If the home is resold for more than what you owe, you have a right to file an application with the court for the surplus funds, subject to certain deadlines.

How to write a letter for a foreclosure?

Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.