REAL PROPERTY OPTIONS - Recently Updated Pages

REAL PROPERTY OPTIONS

LEXIZSTUFF — Thu, 16 Jul 2009 15:59:53 CDT

lexiflournoyrealopt@gmail.com

Keep your thoughts positive because your thoughts become your words. Keep your words positive because your words become your behaviors. Keep your behaviors positive because your behaviors become your habits. Keep your habits positive because your habits become your values. Keep your values positive because your values become your destiny. "Gandhi"

REAL PROPERTY OPTIONS

"Stop Foreclosure" RPO "Real Options & Help"

Lexi Flournoy
Real Estate Entrepreneur

“Experienced , Professional Real Estate Research Analyst & Investor”
We would like to help you, more importantly we can help you!

Contact Me Now! Lexi Flournoy
RPO.Fund.It@gmail.com,

It's free, what do you have to lose? You have Options and I can

help you!

If the property has become too much of a burden,
there are always options which can allow a property borrower to just “walk away” from the bad investment
without it affecting their financial future through judgments, wage garnishments, bank levies, etc.
Frequently this can be achieved through a short sale of the property.
A hard money bad credit mortgage loan is sometimes an option,
but only as a last resort. At the very least, we can help a borrower find an honest investor to work with.

Our specialty is in facilitating successful and complete short sale transactions for distressed homeowners and commercial property owners .
Real Property Options Research Analysts perform extensive research and presentations to both the bank and the investor
at no charge to the homeowner.

					Our office hours: Monday thru Friday / 10:00AM - 8:00PM Saturday & Sunday / 12:00PM - 6:00PM Have a Wonderful & Safe 2009, RPO. Romans 5:2 through whom we have gained access by faith into this grace in which we now stand. And we rejoice in the hope of the glory of God.

Steps Leading To Foreclosure When a property is considered "defaulted"in payments,
usually after several months, the mortgage company or lender files a
"Notice of Default" (NOD)
at the County Recorder's Office against the property and the homeowner.
After the mortgage company/lender files the NOD,
the homeowner has only three month to bring the mortgage payments current
and to pay all additional fees and penalties.
If the property owner has not brought the mortgage current,
the mortgage company/lender files a "Notice of Sale"
(NOS). After the NOS as been filed,
the mortgage company/lender normally requires the property owner to pay off the
entire balance within twenty-one (21) days
or the home will go to foreclosure auction or Trustee Sale.
Again, after the sale of the property, the mortgage company/lender
will normally sue the property owner for attorney fees and penalties.

Phone (323)239-2754 ::

Anaheim Hills :: CA :: 92808

A Real Property Options Professional can guide you through each step of the process
and help you review your options and select one that’s right for you.

Unsurpassed knowledge of the market area
Licensed and Experienced Property Professionals Partners
Access to Real Estate Buyers and Investor Network
Partners maintain current memberships in a variety of Real Estate Associations
Team Concept of Servicing Clients

Working with an Real Property Options Representative ensures
that your unique situation will be handled professionally.
Have you been issued a "Notice of Default?"
You have a small window of time to exercise your options...

Contact us immediately! YOU HAVE OPTIONS!

LEXI FLOURNOY

Acts 20:24
However, I consider my life worth nothing to me, if only I may finish the race and complete the task the Lord Jesus has given me—the task of testifying to the gospel of God's grace.

INVESTORS INFORMATION PAGE

LEXIZSTUFF — Thu, 16 Jul 2009 15:55:46 CDT

The Investors HELP Guide, ME!

Freebies.....
Starter Tips for FREE!

1. Make it EASY, Contact ME!
2. Create a Plan.
3. Analyze Property.
4. Don't rent to Family/Friends!
5. Manage your Cash Flow!
6. Asset Protection.
7. Don't Over-Improve Flip Property!
8. Always Get IT in Writing, NO VERBAL DEALS!
9. 100% NO TOLERANCE FOR NONSENSE POLICY FOR TENANTS!
10. Control Your Investment, Don't allow your Investment to CONTROL YOU!

CONTACT ME, LEXI FLOURNOY, I CAN HELP YOU!

GOOGLE ME~LEXI FLOURNOY

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LEXIZSTUFF — Thu, 16 Jul 2009 12:54:30 CDT

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Looking for GREAT People, Just like YOU!

LEXIZSTUFF — Thu, 16 Jul 2009 12:41:21 CDT

'Lord, I love you and I need you,
come into my heart, and bless me,
my family, my home, my finances,
and all of my friends,
in Jesus' name. Amen.'

Now Hiring Property Locators
Now Hiring Field Inspectors
Now Hiring New Receptionist (Must speak/ write in English & Spanish)

LOCALISM.COM

LEXIZSTUFF — Thu, 16 Jul 2009 12:10:17 CDT

Lexi Flournoy
Real Property Options

Office: (323)239-2754

Anaheim Hills, California

Experienced , Professional Real Estate Research Analyst & Investor. It's free, what do you have to lose? You have Options, I can help you! Specialize in Short Sale. Srvc. LA, Orange County & Las Vegas

About Us:

What does Real Property Options provide? Real Property Options provides the opportunity for homeowners seeking to SELL their distressed property for cash and walk away clear and free from their mortgage debt obligation (call me or e-mail me for more options).
In addition, Real Property Options provides the homeowner with access to other avenues to make the right decision for their specific situation.
The goal is to help the homeowner to AVOID FORECLOSURE altogether - to keep their credit from incurring a foreclosure and wiping their slate clean from their mortgage debt.
The last thing we want to see, is a distressed property owner lose hope ... and do NOTHING.

Areas of Expertise

We are extreme professional in facilitating successful and complete short sale transactions for distressed homeowners and commercial property owners.
Real Property Options Research Analysts perform extensive research and presentations to both the bank and the investor with NO FEES from the homeowner.

Client service and satisfaction is the Empire of our business.
We are committed to providing the highest level of customer service to make your real estate transaction as smooth as possible.

Commitment to Excellence
With established partners and affiliates in Southern California, Real Property Options Research Analysts have a professional team that will take care of your personal needs as a distressed homeowner! We specialize in working with residential and commercial owners. We continue to build our reputation on providing personalized service. Our professionalism accomplishes releasing your stress by resolving your unique situation.

Short Sale

When you sell your home for less than you owe on it, and your lender writes off the debt, your FICO score will drop between 80 to 100 points (IF YOUR HOME IS LOST TO FORECLOSURE or you give it back to the lender via a deed in lieu of foreclosure, your credit score will go down by 250 to 280 points).

It will take approximately 18 months of consistent, on-time credit payments to restore your credit score to a level where you will be able to get a new mortgage with good interest rates and terms.

Legally, mortgage and lien-holders must agree to extinguish their debts for the short sale to proceed; they cannot sue the homeowner to recover the shortfall.

Until December 2007, homeowners of properties sold through a short sale were charged with taxable income for every dollar of debt forgiven through the short sale. Under the Mortgage Forgiveness Debt Relief Act of 2007, though, mortgage lenders will not charge owners of properties sold through a short sale with taxable debt relief/income through the end of 2009.

If you bought your home less than two years ago or purchased your property using tax-deferred capital gains in the course of a 1031 exchange, there might be capital gains tax implications of your short sale. Consult with your CPA in either of these situations.

Homeowners Page

LEXIZSTUFF — Thu, 16 Jul 2009 11:52:16 CDT

"We were born to succeed, not to fail."

"Whatever you vividly imagine, ardently desire, sincerely believe, and enthusiastically act upon... must inevitably come to pass!"

We are the WINNING TEAM, we have DEDICATION! We have a core of Veteran Players who set HIGH Standards. We will not accept DEFEAT!

RPO, Real HELP for Real PEOPLE!

Let our team of professional work for you, what do you have to lose when our service is FREE!

Contact Lexi Flournoy
Experienced , Professional Real Estate Research Analyst & Investor
We would like to help you, more importantly we can help you!

If the property has become too much of a burden, there are always options which can allow a property borrower to just “walk away” from the bad investment without it affecting their financial future through judgments, wage garnishments, bank levies, etc. Frequently this can be achieved through a short sale of the property. A hard money bad credit mortgage loan is sometimes an option, but only as a last resort. At the very least, we can help a borrower find an honest investor to work with.

Our specialty is in facilitating successful and complete short sale transactions for distressed homeowners and commercial property owners. Real Property Options Research Analysts perform extensive research and presentations to both the bank and the investor at no charge to the homeowner.

Facing default or foreclosure can be one of life’s most distressing experiences and one of the most challenging. Jeremiah 29:11(New International Version) 11 For I know the plans I have for you," declares the LORD, "plans to prosper you and not to harm you, plans to give you hope and a future.




Further consequence, upon Foreclosing with the property selling at auction, the Property Owner is Also Penalized with: * A Foreclosure on their National Credit Score/Report * A Judgment from the mortgage company/lender for attorney fees and penalties (After the sale of the property at auction, usually the mortgage company/lender will sue the property owner for attorney fees and penalties). * IRS Income Tax responsibility: The mortgage company/lender will report the balance of the loan from the auction to the IRS. That balance is seen by the IRS as INCOME. Example: Loan Amount & Late Fees - Price Sold at Auction = Balance

Steps Leading To Foreclosure When a property is considered "defaulted"in payments, usually after several months, the mortgage company or lender files a "Notice of Default" (NOD) at the County Recorder's Office against the property and the homeowner. After the mortgage company/lender files the NOD, the homeowner has only three month to bring the mortgage payments current and to pay all additional fees and penalties. If the property owner has not brought the mortgage current, the mortgage company/lender files a "Notice of Sale" (NOS). After the NOS as been filed, the mortgage company/lender normally requires the property owner to pay off the entire balance within twenty-one (21) days or the home will go to foreclosure auction or Trustee Sale. Again, after the sale of the property, the mortgage company/lender will normally sue the property owner for attorney fees and penalties.

Phone (323) 239-2754

A Real Property Options Professional can guide you through each step of the process and help you review your options and select one that’s right for you.

Unsurpassed knowledge of the market area
Licensed and Experienced Property Professionals Partners
Access to Real Estate Buyers and Investor Network
Partners maintain current memberships in a variety of Real Estate Associations
Team Concept of Servicing Clients

Working with an Real Property Options Representative ensures that your unique situation will be handled professionally. Have you been issued a "Notice of Default?" You have a small window of time to exercise your options...
Contact us immediately! YOU HAVE OPTIONS!

info@joelosteen.com

Let me encourage you to remember God's Word and all of the abundant promises of His protection, provision, hope and a future. These promises become even more significant when we find ourselves troubled.

We have to remind ourselves that God's not mad at us. He's not mad at you — He's madly in love with you. He knows exactly what you are facing, and though you may not feel like it, He has a "double portion" of blessing planned for you and your future. Look at His Word, it will guide you.
~Pastor Joel O.

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LEXIZSTUFF — Wed, 15 Jul 2009 13:47:48 CDT

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LEXIZSTUFF — Wed, 15 Jul 2009 13:23:42 CDT

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Help our Earth!

LEXIZSTUFF — Thu, 18 Jun 2009 15:44:49 CDT

RPO.Fund.It@gmail.com

All About Real Property Options

LEXIZSTUFF — Thu, 18 Jun 2009 15:44:13 CDT

~ENGLISH~SPANISH~FRENCH~

Contact Lexi Flournoy
RPO.Fund.It@gmail.com

Experienced , Professional Real Estate Research Analyst & Investor

We would like to help you, more importantly we can help you!

What does RPO provide? RPO provides the opportunity for homeowners seeking to SELL their distressed property for cash and walk away clear and free from their mortgage debt obligation
In addition, RPO provides the homeowner with access to other avenues to make the right decision for their specific situation.
The goal is to help the homeowner to AVOID FORECLOSURE altogether - to keep their credit from incurring a foreclosure and wiping their slate clean from their mortgage debt.
The last thing we want to see, is a distressed property owner lose hope ... and do NOTHING.

1. The first step our analysts will take is to educate and provide you with options.

2. If the homeowner chooses to sell their property for cash in an effort to prevent foreclosure, our specialty is to facilitate this successful transaction, from beginning to end.

Real Property Options will never impose any charge or fee to any distressed property owner. Our business is supported by our partners and real estate investors.

Contacte Lexi Flournoy

El Analista experimentado y Profesional de la Investigación de bienes raíces & Inversionista

¡Querríamos ayudarle, lo que es más importante nosotros le podemos ayudar!

¿Qué proporciona RPO? RPO proporciona la oportunidad para propietarios que procurando VENDER su propiedad penada para el dinero efectivo y la caminata vacían lejos y libertan de su obligación de deuda de hipoteca además, RPO proporciona al propietario con acceso a otras avenidas para hacer la decisión correcta para su situación específica. El objetivo es de ayudar al propietario a EVITAR EJECUCION DE UNA HIPOTECA enteramente - mantener su crédito de contraer un ejecución de una hipoteca y enjugar su pizarra limpia de su deuda de hipoteca. La última cosa que queremos ver, ser un dueño de
propiedades penado pierde esperanza... y no hace nada.

1. El primer paso que nuestros analistas tomarán es de educar y proporcionarle con opciones. 2. Si el propietario escoge vender su propiedad para el dinero efectivo en un esfuerzo de prevenir ejecución de una hipoteca, nuestra especialidad es de facilitar esta transacción exitosa, de comenzar a terminar.

Las Opciones de Bienes raíces nunca impondrán cualquier carga ni el honorario a cualquier dueño de propiedades penado. Nuestro negocio es apoyado por nuestros inversionistas de socios y bienes raíces.

Contacter Lexi Flournoy

L'Analyste de Recherche d'Immobilier expérimenté et Professionnel & l'Investisseur

Nous aimerions vous aider, plus d'une manière importante nous pouvons vous aider !

Que RPO fournit-il ? RPO fournit l'occasion pour les propriétaires cherchant à VENDRE leur propriété affligée pour les espèces et la promenade éclaircit loin et libère de leur devoir de dette d'hypothèque par ailleurs, RPO fournit le propriétaire avec l'accès aux autres avenues pour faire la bonne décision pour leur situation spécifique. L'objectif est d'aider le propriétaire pour EVITER LA FORCLUSION entièrement - garder leur crédit de contracter une forclusion et essuyer leur ardoise nettoie de leur dette d'hypothèque. La dernière chose que nous voulons voir, est un propriétaire de
propriété affligé perd l'espoir... et ne fait rien.

1. La première étape que nos analystes prendront est d'instruire et fournir vous avec les options. 2. Si le propriétaire choisit de vendre leur propriété pour les espèces dans un effort pour empêcher la forclusion, notre spécialité est de faciliter cette transaction réussie, du début jusquà la fin.

Les vraies Options de Propriété n'imposeront jamais n'importe quelle charge ou n'importe quels frais n'importe quel propriétaire de propriété affligé. Nos affaires sont soutenues par nos partenaires et nos investisseurs immobiliers.

Our Mission to you

Client service and satisfaction are the underpinnings of our business. Our associates foster a strong sense of trust and integrity with our clients: We are committed to providing the highest level of customer service to make your real estate transaction as smooth as possible. One of our Senior Research Analyst, will guide you in the right direction.
Commitment to Excellence: With established partners and affiliates in Southern California, RPO Research Analysts have a professional team that is second to none! We specialize in working with residential and commercial owners with options regarding their distressed property. Our attention to detail and commitment to excellence is what makes the property owners satisfied with the end result. We continue to build our reputation on providing personalized service while our integrity coupled with professionalism accomplishes to remove the stress from the process of resolving your unique situation.

Technologically Savvy: RPO Research Analysts use the latest technology and employ these techniques and tools to find a perfect answer. Our techniques allow the property owner to review all their options and make a sound and individualized decision in the least amount of time, with the best terms, and with the least inconvenience to them. Every situation is unique and is addressed with a conscientious approach.

Nuestra Misión a usted

El servicio del cliente y la satisfacción son los apuntalamientos de nuestro negocio. Nuestros socios fomentan un sentido fuerte de confianza e integridad con nuestros clientes: Somos cometidos a proporcionar el nivel más alto de servicio de atención al cliente para hacer su transacción de bienes raíces suaviza como como posible. Uno de nuestra Investigación Mayor Analista, le indicará en la dirección correcta. El compromiso a la Excelencia: ¡Con socios y filiales establecidos en el sur de California, Analistas de Investigación de RPO tienen un equipo profesional que es inigualable! Especializamos a trabajar con propietarios residenciales y comerciales con opciones con respecto a su propiedad penada. Nuestra atención a los detalles y el compromiso a la excelencia son lo que hace a los dueños de propiedades satisfechos con el resultado. Continuamos construir nuestra reputación a proporcionar servicio personalizado mientras nuestra integridad emparejada con el profesionalismo logra para quitar el énfasis del proceso de resolver su situación extraordinaria.

Tecnológicamente Práctico: Los Analistas de la Investigación de RPO utilizan la última tecnología y emplean estas técnicas y los instrumentos para encontrar una respuesta perfecta. Nuestras técnicas permiten al dueño de propiedades para revisar todas sus opciones y hacer un sonido y la decisión individualizada en lo menos cantidad de tiempo, con los mejores términos, y con lo menos el inconveniente a ellos. Cada situación es extraordinaria y es dirigido con un enfoque concienzudo.

Notre Mission à vous

Le service de client et la satisfaction sont les étayages de nos affaires. Nos associés encouragent un fort sens de confiance et l'intégrité avec nos clients : Nous sommes commis à fournissant le plus haut niveau de service clients pour faire votre transaction immobilière le plus comme possible. Un de notre Analyste Supérieur de Recherche, vous dirigera dans le bon sens. L'engagement à l'Excellence : Avec les partenaires et les affiliées confirmées dans le sud de Californie, les Analystes de Recherche de RPO ont une équipe de professionnels qui est deuxième à aucun ! Nous nous spécialisons dans le fonctionnement avec les propriétaires résidentiels et commerciaux avec les options en ce qui concerne leur propriété affligée. Notre attention pour détailler et l'engagement à l'excellence est ce que fait les propriétaires de propriété satisfaits avec le résultat final. Nous continuons à construire notre réputation sur fournir le service personnalisé pendant que notre intégrité couplée avec le professionalisme accomplit pour enlever la tension du processus de résoudre votre situation unique.

Technologiquement la Jugeotte : Les Analystes de Recherche de RPO utilisent la dernière technologie et emploient ces techniques et ces outils pour trouver une réponse parfaite. Nos techniques permettent au propriétaire de propriété pour réexaminer toutes leurs options et fait un son et une décision individualisée dans la moins quantité de temps, avec les meilleurs termes, et avec le moins dérangement à eux. Chaque situation est unique et est adressé avec une approche consciencieuse.

STATE REGULATORS CLOSING BIG BANKS!

Deposits at FirstBank Financial Services based in McDonough, Ga. will be taken over by Regions Bank , based in Birmingham, Ala., according to the Federal Deposit Insurance Corporation.FirstBank's four branches will reopen on Monday as Regions Bank branches, the agency said.FirstBank held assets worth about $337 million, and held deposits worth about $279 million at the end of December, the Federal Deposit Insurance Corporation said. Regions Bank has agreed to purchase about $17 million of FirstBank's assets.Meanwhile, deposits at Alliance Bank out of Culver City, Calif. will be assumed by California Bank & Trust from San Diego.Alliance Bank held assets totaling $1.14 billion, and deposits of $951 million, the FDIC said. California Bank & Trust agreed to purchase $1.12 billion of Alliance's assets at a discount of $9.9 million.California Bank & Trust also agreed to share some of the asset losses with the FDIC, the agency said.Alliance Bank's five offices will reopen Monday as branches of California Bank & Trust.Finally, County Bank of Merced, Calif. was closed late Friday. The FDIC said that Westamerica Bank of San Rafael, Calif. will assume all of the deposits of County Bank. County Bank had total assets of approximately $1.7 billion and total deposits of $1.3 billion. Westamerica Bank , in addition to assuming the deposits, agreed to purchase all of County Bank's assets. The FDIC said County Bank's 39 offices would reopen as branches of Westamerica. Branches with Saturday hours will reopen Saturday while the remaining branches will reopen Monday. Customers who banked with FirstBank, Alliance Bank or County Bank will automatically become customers of the new deposit holders, and will retain their account protection under the FDIC, which insures single accounts up to $250,000, and joint accounts up to $500,000, the government agency said.Over the weekend, those customers will be able to use checks, ATMs and debit cards as normal. Customers who have taken out loans from a failed bank should continue to make regular payments, the FDIC said.Altogether, the three bank failures will cost the FDIC about $452 million.The unfolding financial crisis continues to take a toll on banks. If banks continue to fail at a rate of at least one per week, on average, then 2009 could see twice as many failures as in 2008. Last year, 25 banks were closed nationwide, which was the highest annual total since 1993, when 42 banks went under.Economists expect the number of failed banks to continue rising this year as the financial crisis plays out and the economic outlook remains dark.

FORECLOSURE GLOSSARY

LEXIZSTUFF — Fri, 24 Apr 2009 15:07:16 CDT

Common Foreclosure Terminology Accelerate
An option given to lenders through an "acceleration" clause in the mortgage or deed of trust requiring the borrower to pay the entire balance of the loan all at once if their loan is in default.
Affidavit
A sworn statement in writing usually given while under oath or in the presence of a notary.
Appraisal
The process in which a licensed or authorized person gives an estimate of property value.
Appreciation
The difference between the increased value of the property and the original value.
Assignment
The transfer of property to be held in trust or to be used for the benefit of the creditors (lenders).
Bid
The offered amount for a property for sale at auction.
Certificate of Sale
A document given to the winning bidder at a foreclosure sale stating their rights to the property once the borrowers redemption period has expired.
Clear Title
A title that is not burdened with defects.
Credit Bid
A bid on behalf of the lender at a foreclosure sale. The bid amount must be less than or equal to the balance of the loan in default.
Decree
A judicial decision.
Deed
A signed document that transfers ownership of property from one party to another.
Deed-in-lieu of Foreclosure
An instance where borrowers voluntarily convey their rights in a property to the lender.
Deed of Trust
A three party security instrument conveying the legal title to real property as security for the repayment of a loan. The three parties included in a deed of trust are the borrower, lender and trustee.
Default
A mortgage or deed of trust is said to be in default when the borrower fails to make the payments as agreed to in the original promissory note.
Deficiency Judgment
A personal judgment against the borrower for the remaining balance on the loan after a foreclosure sale.
Equitable Title
The present right to possession with the right to acquire legal title once a preceding condition has been met.
Fair Market Value
The price a property would sell for on the open market.
Foreclosure
The forced sale of property pledged as security for a debt that is in default.
Free & Clear
Ownership of property free of all indebtedness.
Judicial Foreclosure
A foreclosure that is processed by a court action.
Lien
A charge upon real or personal property for the satisfaction of a debt.
Legal Description
A formal description of real property sufficient to locate it by reference to government surveys or approved recorded maps.
Lender
A person who lends money for temporary use on condition of repayment with interest (i.e., the bank, mortgage company, etc.).
Lis Pendens
A recorded notice of pending lawsuit.
Mortgage
A written pledge of property that is used as security for the repayment of a loan.
Non-judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of their default.
Notary
A public officer licensed by the state to attest to and certify the validity of signatures of others. A notary is often referred to as a notary public.
Notice of Sale
A notice giving specific information about the loan in default and the proceedings about to take place. This notice must be recorded with the county where property is located and advertised as stated in the security document or as dictated by state law.
Personal Property
Property other than real property consisting of things temporary or movable.
Posting
To publish, announce or advertise by physically attaching a notice to an object.
Postponement
Postponement means to put off to a later time. In the case of a foreclosure sale, this is generally done by announcement at the original sale or by posting notices establishing the new date and time the foreclosure sale will take place.
Right of Redemption
A borrower's right to reacquire property lost due to a foreclosure.
Request for Notice
A recorded document requiring a trustee send a copy of a Notice of Default or Notice of Sale concerning a specific deed of trust in foreclosure to the person who filed the document.
Subject To
The purchase of a property with an existing lien against the title without assuming any personal liability for the liens payment.
Title
The instrument that is evidence of a person's right in real property (i.e., a deed).
Trustee
A neutral party who advertises the foreclosure property for sale and conducts the auction to sell said property to the highest bidder.
Trustee Sale
An auction of real property conducted by a trustee. Also known as a Sheriff's Sale.
Upset Bid
A recorded bid placed after a foreclosure sale has ended that is higher than the highest bid received at the actual foreclosure sale.
Writ
An order or mandatory process in writing issued in the name of a court or judicial officer commanding the person to whom it is directed to perform or refrain from performing a specified act.
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A loan modification is when the lender modifies your current mortgage in order to work with you because of a hardship. The purpose is to help make yourloan more affordable. Usually it is in the form of a rate reduction and fixing the rate for a certain amount of time.

In the past this was only used when a borrower was delinquent and suffered a hardship such as a job loss, divorce, illness etc.
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A

AbstractA succinct summary; (e.g. an abstract of judgment; an abstract of title, an abstract plant.)Abstract of JudgmentSummary of a court judgment creating a lien against a property when filed with the county recorder.Abstract of TitleThe condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.Abstract PlantA collection of information and documents relating to title of a particular property. Also known as "title plant".Acceleration ClauseThe clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or other covenant.AcceptanceThe written approval made by the seller from a buyer's offer.AccruedOn a closing statement, items of expense that are incurred but not yet payable, such as interest on a mortgage loan or taxes on real property.AddendumAny addition or change to a contract.Adjustable Rate Mortgage (Arm)A loan with an interest rate that fluctuates based on a specified financial index, such as Treasury securities, or the 11th District Cost of Funds, etc.AgentA licensed representative of the state to conduct real estate transactions.Agreement of SaleAlso known as an agreement to convey. A signed, written contract entered into between the seller (vendor) and buyer (vendee) for sale of real property (land) under certain specific terms and conditions.AlienationThe transfer of property from one person to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession.Alienation ClauseA term of a mortgage which requires that the borrower pay in full the principal and interest due upon the sale of the property. ( See Acceleration or Due-on-Sale Clause)All-Inclusive Deed of TrustA form of deed of trust that, in addition to any other amounts actually financed, includes the amounts of any prior deeds of trust. Sometimes referred to as a wrap-around or over-riding trust deed.AmortizationThe repayment of a debt in installments.AppraisalA valuation or an estimation of value of property by disinterested persons of suitable qualifications; the process of ascertaining a value of an asset or liability that involves expert opinion rather than explicit market transactions.AppraiseTo fix or set a price or value upon.AppreciationThe difference between the increased value of the property and the original value.ArrearsGenerally, being overdue in an installment payment.AssessorA municipality employee who estimates the value of properties for the purpose of taxes.AssigneeThe person to whom a transfer of interest is made. Hence an assignee of an Agreement of Purchase and Sale may buy the property and enforce the contract in the same fashion as the original party.AssignmentThe method by which a right or contract is transferred from one person (the assignor) to another (the assignee).AssignorThe person who makes an assignment to another person.Assumable MortgageA mortgage that can be taken over ("assumed") by the buyer when a home is sold. If interest rates have risen, an assumable mortgage at a low rate may prove a selling point for the property.

B

Balloon PaymentA final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized.BankruptcyAn action filed in a federal bankruptcy court that allows a creditor to reorganize or discharge credit obligations due to insolvency. A property owner may halt foreclosure action by filing bankruptcy. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.

Chapter 7 - "Debtor Wipeout" The court oversees the liquidation of the debtors' non-exempt assets, distributing the cash proceeds proportionally amongst their creditors.
Chapter 11 - This is a business reorganization proceeding.
Chapter 13 - "Debtor Workout" This is the almost-automatic choice of most trustors seeking to use a bankruptcy filing to delay the in- evitable trustee's sale as long as they can. The purpose of this proceeding is to give a "wage earner" time for rehabilitation . . . a temporary respite free from the collection efforts of creditors.

Beneficiary A person entitled to receive money or assets from a trust or an estate. A lender is a beneficiary with a deed of trust or a note as a security for a loan.BettermentAny improvement of real estate that results in a rise in market value of that property.BidAn offer by an intending purchaser to pay a designated price for property which is about to be sold at auction.Bill of SaleWritten document by which title to personal property (goods or chattels) is transferred from one party to another.Blanket Deed of TrustA deed of trust secured by more than one lot or parcel of land.BorrowerHe to whom a thing or money is lent at his request.BPOBrokers Price Opinion.BreachThe breaking or violating of a law, a right, obligation, engagement, or duty, either by commission or omission.BrokerA agent authorized by the state to deal in real estate.BrokerageThe bringing together of two or more parties interested in making a real estate transaction.Buy-Down mortgageA financing technique used to reduce the monthly payments for the first few years of a loan. Funds in the form of discount points are given to the lender by the builder or seller to buy down or lower the effective interest rate paid by the buyer, thus reducing the monthly payments for a set time.Buyers MarketA market condition where there are fewer buyers than there are sellers. Usually indicated when a property is on the market for more than 90 days and interest rates are very high. (12% or higher)

C

Capital GainA profit earned from the sale of an asset.Cash FlowThe surplus left over out of the rents after paying out all operating expenses and mortgage payments.Certificate of SaleA certificate issued at a judicial sale that entitles the buyer to receive a deed after confirmation of court for the purchase of the property.Chain of TitleA succession of conveyances that comprises the title record history to a specific parcel of real property.ChattelPersonal property, such as household items.Chattel MortgageA mortgage which is secured by personal property.Closing CostsExpenses supplementary to the sale of real estate, which includes loan, title and appraisal fees.Closing DateThe date agreed upon which the buyer takes over the property.Cloud on TitleAny outstanding claim that contradicts the title record, if valid, would impair the owners title.CodeA collection of laws relating to a certain topic, such as real property, patents, etc.Co-signerA co-signer signs a promissory note and takes responsibility for the debt.CollateralReal estate or personal property which is pledged as security for a debt.CollectionObtain payment or liquidation of a debt or claim, either by personal solicitation or legal proceedings.ComparablesSimilar properties used as yardsticks to determine the market value of a certain property.ComplaintThe original or initial pleading by which an action is commenced; a written statement of the essential facts constituting the offense charged.CondemnationA judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner.ContingencyA specified condition that must be fulfilled before a contract becomes firm and binding.ContractAn agreement between two or more persons that creates an obligation to do or not to do a particular thing.Conventional LoanA loan that requires no insurance or guarantees.ConveyanceA written instrument that transfers title to or an interest in land from one party to another (i.e. a deed, an assignment, a bill of sale, etc.)CounterofferA response given to an offer.Credit reportA document from a credit bureau setting forth a credit rating and pertinent financial data concerning a person or a company and used by banks, merchants, suppliers and the like in evaluating a credit risk.CreditorOne to whom money is owed.

D

DebtA sum of money due by a certain and express agreement; a specified sum of money owing to one person from another, including not only obligation of debtor to pay but the right of the creditor to receive and enforce payment.Debt RatioTo compare the total monthly payments of all of the borrower's debts (including the mortgage) with the gross monthly income of the borrower. It evaluates the borrower's ability to pay mortgage. Also called Debt-to-Income ratio.DebtorAn entity that owes a debt; one who owes a debt.Decree of ForeclosureA court order to set out the outstanding amount on a delinquent mortgage in order to sell the property to pay the mortgagee.DeedA written instrument that, when executed and delivered, conveys title to or an interest in real estate.Deed in lieu of foreclosureA process whereby the owner, with the approval of the lender, deeds the property to the lender to avoid foreclosure. Lenders are generally reluctant to accept a "deed in lieu" unless the title is free and clear of any other encumbrances junior to theirs and the owners execute an estoppel affidavit acknowledging that they are acting volitionally, with informed consent.Deed of ReconveyanceA instrument that releases and discharges a deed of trust, when the mortgage has been paid out.Deed of Trust (Trust Deed)A three party security instrument conveying the legal title to real property as security for the repayment of a loan. The owner is called the "trustor". The neutral third party to whom the bare legal title is conveyed (and who is called on to liquidate the property if need be) is the "trustee". The lender is the "beneficiary". When the loan is paid off the trustee is directed by the beneficiary to issue a deed of reconveyance to the trustor, which extinguishes the trust deed lien.DefaultThe failure to make payments in full, on time or at all or to live up to any other obligations placed on the borrower by the loan agreement.Defeasance ClauseA clause used in leases and mortgages that cancels a specified right upon the occurrence of a certain condition, such as cancellation of a mortgage upon repayment of the mortgage loan.DefendantThe person who defends against a claim asserted in a Court action.Deficiency judgmentA judgment entered in a lawsuit when a property is sold for less than the amount of the loan.DelinquencyA condition when the payment is being late but not yet in default.Demand LetterAlso known as a Breach Letter or Notice of Intent to Foreclose. Notice to the borrower that he/she is in "breach" of the terms of the Note and advising of the right to "cure" the default.Department of Housing and Urban Development (HUD)A federal department that focuses on programs regarding housing and renewal of city communities.Department of Veterans Affairs (VA)An independent federal agency which oversees programs for military veterans, including loan and mortgage programs. This agency allows most veterans to purchase a house without a down payment.Disclosure StatementDocument disclosing the terms of a loan.Due-on-Sale ClauseA clause in a mortgage which requires that the mortgage be paid out in full upon the sale of the property.Due DiligenceSuch a measure of prudence, activity, or assiduity, as is properly to be expected from a reasonable and prudent man under the particular circumstance.

E

Earnest Money DepositA deposit made by a purchaser of real estate used as a down payment as evidence of good faith.EasementA right of way allowing someone to cross over another's property for certain purposes, such as power lines or water mains.EncroachmentA fixture that illegally intrudes into or invades the property or encloses a portion of it, diminishing its width or area.EncumbranceAnything, such as a mortgage, tax, or judgment lien, an easement, a restriction on the use of the land or an outstanding dower right that may diminish the value or use and enjoyment of a property.EquityThe surplus of value which may remain after existing liens are deducted from the property.Equity Right of RedemptionThe right to avoid foreclosure action by paying off the debts, interest, and fees that have accumulated on the property.Escrow AccountA bank account generally held in the name of the depositor and an escrow agent which is returnable to the depositor or paid to a third person on the fulfillment of a condition.EstateThe total assets a person has when he dies, including real property.Estoppel CertificateA certificate in which a borrower certifies the amount owed on a mortgage loan and the rate of interest.EvictionThe act of depriving a person of the possession of land or rental property that he has held or leased.

F

Fair Market ValueThe amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts.Fannie MaeIts an official name of the Federal National Mortgage Association which is one of the largest agencies that buys mortgages from lenders and resells them as securities on the secondary mortgage market.FHAStands for Federal Housing Administration. It's a branch of H.U.D. It's basic function is to direct housing in a way that Congress mandates by issuing mortgage insurance to institutional lenders on the loans they make. With such loan insurance, lenders are willing to lend with smaller down payments and at lower rates of interest.FHA LoansA loan program offering low-rate mortgages to buyers who are willing to make a down payment as small as 3 percent.First MortgageA mortgage that is in first position and has priority as a lien over all other mortgages.ForeclosureA legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document. The foreclosure procedure brings the rights of all parties to a conclusion and passes the title in the mortgaged property to either the holder of the mortgage or a third party who may purchase the realty at the foreclosure sale, free of all encumbrances affecting the property subsequent to the mortgage.

G

GarnishmentA statutory proceeding whereby person's property, money, credits in possession or under the control of, or owing by, another are applied to payment of the former's debt to third person by proper statutory process against debtor and garnishee.Good Faith EstimateInstitutional lender estimates the costs a borrower will incur, including inspection fees and loan-processing charges.Grace PeriodA period of days during which a debtor may cure a delinquency without penalty (before triggering a late charge, a foreclosure or an acceleration of the balance due).GranteeThe person to whom the title of the property is granted.GrantorThe person (seller) who grants title to another person (buyer).

H

Habendum ClauseMeaning "to have and to hold" which defines the quantity of the estate that is transferred to the new owner of land.Home Equity Line of CreditA loan that is secured by the owners property which can be repaid and borrowed again at the owners convenience.Home Equity LoanOwners who borrow against the equity in their homes.HUD 1 StatementA form, usually given by a bank, that includes the costs of purchasing a home.HypothecateWhen you use something as security and still retain possession of it.

I

IndemnifyAny losses and damages endured by another person that you are fully responsible for.InstrumentA legal written document.Involuntary lienA lien issued against a property without the owners approval.

J

Joint OwnershipWhen two or more parties own the same property.Joint VentureA project where two or more individuals take part in a business transaction to share the cost, risk, and reward.JudgmentThe final decision of the court resolving the dispute and determining the rights and obligations of the parties.Judicial ForeclosureA foreclosure process which is executed via a court action.Junior lienA lien that is subordinate or junior to a senior lien.

L

Land ContractAn agreement used to sell real property that transfers ownership of the property, but the title does not transfer until most or all of the purchase price is paid.LandlordHe who, being the owner of an estate of land, or rental property, has leased it to another person.LeaseAn agreement involving payment of rent for possession of real estate for a specific period of time.Lease OptionA lease that contains the right to purchase a property for a specific price during a given time frame.LenderHe from whom a thing or money is borrowed.LienA claim or charge on a property for payment of some debt, obligation or duty.Life EstateAn estate whose duration is limited to the life of the party holding it.Lis pendensA term meaning "legal action pending" that gives notice of an action or proceeding affecting the title of the property.Loss Mitigation DepartmentA department which helps homeowners avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loanLot Book ReportA title record report given by a title company which announces any encumbrances recorded against the property.

M

Marketable TitleA title with no claims or defects that could otherwise hinder a property being sold.Mechanic's lienA claim created by state statutes for the purpose of securing priority of payment of the price or value of work performed and materials furnished in erecting or repairing a building or other structure, and as such, attaches to the land as well as buildings and improvements erected thereon.MortgageAn interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt.MortgageeThe entity, usually a bank or financial institution, who lends money to a borrower.MortgagorThe person who borrows the money from a lender to purchase a property.Multiple Listings Service (MLS)A listing of properties from local real estate agents that consist of all homes available in an area. For-Sale-by-Owner properties are not listed in this database.

N

NARCANational Association of Retail Collection Attorneys.Notice of Default (NOD)A notice that is sent out by the lender when a mortgage payment is late in an attempt to cure or make the loan current.Notice of RescissionA legal document used when the defaulting party has cured or corrected the defaultNotice of SaleThe notice of an impending foreclosure sale required by the state. It recites the legal description of the property being foreclosed upon and gives the time, date and place of the pending sale.

O

Offer to PurchaseA contract expressing of a person's willingness to purchase a certain property on terms expressed in the offer.Owner Financing (Seller Financing)A creative method in real estate where the seller of a property agrees to finance all or some of the property. In a sense, the owner acts like a bank.

P

Power of AttorneyA written document signed by the owner which authorizes someone else to act in behalf of the owner.Power of SaleA clause commonly inserted in mortgages and deeds of trust that are in default, giving the mortgagee (or trustee) the right and power to advertise and sell the mortgaged property at public auction to satisfy the debt.Pre-ForeclosureTerm used to discuss delinquent properties before they go to the foreclosure auction.

Q

Quit TitleAn action at law to remove an adverse claim or cloud from the title of property.Quit Claim DeedA deed of conveyance that releases any title, interest, or claim, which the grantor may have in the premises.

R

Real Estate Owned (REO)Property acquired back by the lender after it has gone to auction.RecorderA public official that is responsible for keeping all the records of real estate transactions.Redemption PeriodThe time allotted to the mortgagor to reclaim his/her property after it has been sold at an auction. Not all states have a redemption period.

S

Sales ContractA contract to which the buyer and seller agree to terms of sale.Second MortgageA second loan placed upon a property in addition to an existing first loan.Seller FinancingA creative method in real estate where the seller of a property agrees to finance all or some of the property. In a sense, the owner acts like a bank.Sellers MarketWhen the market conditions are such that the sellers have the advantage and multiple offers are made.Sheriff's SaleThe sale of a property to satisfy a debt or judgment.Short SaleThe sale of a property under or at market value that's lower than the loan balance.Simultaneous ClosingThe term "simultaneous closing" refers to two closings occurring simultaneously, or at the same time. This is a creative technique used when traditional financing will not work.Subject ToThe transfer of rights to pay a debt from one party to another, with the original party remaining liable for the debt if the second party defaults.SurveyThe process by which a parcel of land is measured and its boundaries and contents set forth.

T

Tax DeedA type of deed used to convey title after real property is sold at auction by public authority for non-payment of taxes.Tax LienA lien on real estate in favor of a state or local government that may be foreclosed on for the non-payment of taxes.TenantA person in possession of real property with the owner's permission.Tenant at sufferanceA person who after rightfully being in possession of a rented premises continues to live in that premises after his right has terminated.Tenant at willOne who holds possession of premises with the owners permission.TitleEvidence of ownership of land.Title CompanyFirms that examine properties to ensure that the title to a piece of property is clear and free of any encumbrances. They also issue title insurance.Title InsuranceAn insurance policy that provides protection for lenders and buyers against any losses caused by defects in the title.Title ReportA report which sets out the current state of title to a property.Title SearchA search within the public records to determine ownership and that there are no claims or liens against the property.Torrens TitleA torrens title contains a listing of all legal instruments (mortgages, judgments, liens) that have been recorded on the property from its origin.Trust AccountA special account used by a broker or escrow agent to safeguard funds for a buyer or seller.Trust DeedA three party security instrument conveying the legal title to real property as security for the repayment of a loan. The owner is called the "trustor". The neutral third party to whom the bare legal title is conveyed (and who is called on to liquidate the property if need be) is the "trustee". The lender is the "beneficiary". When the loan is paid off the trustee is directed by the beneficiary to issue a deed of reconveyance to the trustor, which extinguishes the trust deed lien.TrusteeA legally empowered person who holds or controls a piece of property for another person.Trustee's DeedA deed given to the successful high bidder after a foreclosure auction.Trustee's SaleAn auction where a trustee may sell a property that has defaulted in effort to pay the outstanding debt that is owed.

U

UCCUniform Commercial Code; uniform laws drafted by the National Conference of Commissioners on Uniform State Laws governing commercial transactions.Undivided InterestOwnership of real estate by joint tenants under the same title.Unsecured debtDebt not secured by collateral.Upset priceThe opening bid amount that begins the auction bidding during a foreclosure sale.

V

VA LoansA program that allows the purchase of a house without a down payment to most veterans.VacateTo make vacant or empty.

W

Warranty DeedDeed in which the grantor warrants good clear title.Without RecourseGiving the lender no right to seek payment or seize assets in the event of nonpayment from anyone other than the party specified in the debt contract.Wraparound MortgageThe financing technique in which the payment of the existing mortgage is continued by the seller and a new, higher interest loan, which is larger than the existing mortgage, is paid by the borrower.

Y

YieldThe return on investment or the amount of profit stated as a percentage of the amount invested.

Z

ZoningRegulations that control the use of land within a jurisdiction.

Google ME, Lexi Flournoy

LEXIZSTUFF — Wed, 15 Apr 2009 09:37:30 CDT

We are told that talent creates its own opportunities. But it sometimes seems that intense desire creates not only its own opportunities, but its own talents.

Yes Google is a great tool =)

10-30-08

Lexi Flournoy

Google will take you out of this world, with new clients! Don't pay for a service you can get for free, all you have to do is... BLOG, BLOG AND BLOG SOME MORE Then tell your Client's “GOOGLE ME” The real estate market today, has most real estate professionals, packing up and running! There are too many options in real estate! No need to head for the hills just yet! It's all about finding the right connections (me) =), don't limit yourself to selling homes..... As times change your profession will too, all you have to do is roll with the punches, and change your tune a little! =) THE REST WILL FALL INTO PLACE.....
There is a ton of things you can do in the real estate profession without changing the tune of your BEAT! Good Luck and don't forget to say... "GOOGLE ME”! Lexi Flournoy We have a very real chance of electing Barack Obama the next President of the United States. GOD BLESS AND GOOD LUCK!

We are the Silver Lining...

LEXIZSTUFF — Sun, 29 Mar 2009 19:54:44 CDT

“We're the Silver Lining when things get Cloudy” Don't let time run out on your foreclosure!

Hello! My name is Lexi Flournoy
I am here to help! Bankruptcy is not a good option. 95% of all Bankruptcy's still end up being foreclosed on.

Stop foreclosure, call me immediately! (323) 641-1050 or
(951)729~6273
Best Regards,
Lexi Flournoy “Experienced , Professional Real Estate Consultant & Investor” We would like to help you, more importantly we can help you!

Foreclosures continue to soar, worst is not over

Filings up 57 percent in March over ’07; ARM resets to crest in May and June

The onslaught of homes facing foreclosures has yet to ebb, a research report showed Tuesday, with bank repossessions skyrocketing last month as more troubled homeowners mailed in their keys and walked away.And the worst isn’t over: The wave of adjustable-rate loans resetting to higher rates will crest in May and June. And that’s expected to push more homeowners into default and foreclosure in the third and fourth quarters of this year, according to RealtyTrac Inc. of Irvine, Calif.“Once we’re through that batch of loans, the worst will have been worked through the system,” said Rick Sharga, RealtyTrac’s vice president of marketing.The number of U.S. homes receiving at least one foreclosure filing jumped 57 percent in March to 234,685, compared with 149,150 properties a year earlier. Filings include default notices, auction sale notices and bank repossessions.The overall foreclosure rate is 5 percent higher than in February, which saw an unexpected month-to-month decline over January. March marked the 27th consecutive month of year-over-year increases in national foreclosure filings.That meant one in every 538 households received a filing during the month. Forty-four percent were households that slipped into default for the first time and more than a fifth were homes banks took back.Lenders took possession of homes at a sharply higher rate, up 129 percent over last year, as more homeowners relinquished their homes, said Sharga. Banks repossessed 51,393 properties nationwide, many of them without a public foreclosure auction.“In a lot of cases, banks worked something out with the owner in advance and took back the keys and deed. For a homeowner, it’s not as embarrassing and it’s a little less of a blemish on their credit record compared to a foreclosure,” Sharga said.He estimates between 750,000 and 1 million bank-owned properties will hit the market this year, or about a quarter of the homes up for sale. In some areas, these properties will continue to slow sales and depress prices further.Declining home prices and stricter lending requirements have exacerbated the foreclosure environment. Homeowners stuck in unmanageable mortgages aren’t able to sell their homes or refinance into cheaper loans before their mortgage payments reset higher.Nevada clocked in the worst foreclosure rate for the 15th straight month. Last month, one in every 139 households received a foreclosure-related notice, nearly four times the national rate. The number of properties with a filing increased 24 percent over February and 62 percent over the previous March.

Ut totus quisnam trespass per nocens penitus quod vulnero in mens , EGO tribuo is tergum vobis ten vicis. In nomen of Abbas , FILIUS quod Alveus Phasmatis EGO PRECOR AMAN.

DON'T ALLOW A NEGATIVE PICTURE TO PLAY ON THE MOVIE SCREEN OF YOUR LIFE...

LEXIZSTUFF — Thu, 19 Mar 2009 02:03:31 CDT

Don't allow a Negative picture to play on the movie screen of your life"

If you don't know who Joel Osteen is, it's time you find out!

This man is an Angel from above! If you need motivation, tune into his broadcast, I guarantee he will pick you up!

So you ask..... "Don't allow a Negative picture to play on the movie screen of your life"
Reference Matthew 9:29

If you think positive, you will have a positive outcome!
If you think negative, you will have a negative outcome!

We WILL negative energy to OURSELVES, you ask how....you have no control over loosing your job or not having enough money to pay a bill.....?

I'll tell you how, FAITH instead of FEAR!

When we allow the fear of what can happen take control of a situation we become consumed with negativity....Instead of LETTING GO and LETTING GOD, GOD has a plan for all of us, let his WILL be done, let faith guide you and praise GOD for what you do have....
You will see block the negative and replace with positive, faith , not fear and GOD will take it from there.....

Happy Holidays, from Real Property Options!
GOD BLESS!

Isaiah 6:17

spondeo ut instead of dedecus quod perturbo , Deus mos geminus hereditas of Suus populus quod they'll exsisto repletus per eternus tripudium.

HOW DO I AVOID FORECLOSURE...

LEXIZSTUFF — Tue, 10 Mar 2009 20:54:01 CDT

How to Avoid Foreclosure

Foreclosure is bad for both the lender and the homeowner. The homeowner loses his or her house, and the lender loses anywhere from 20 to 60 cents on the dollar. This is important to remember if you fall behind on your loan. The single most important step you can take to avoid foreclosure is to communicate with Real Property Options, we can HELP! Most people are scared and embarrassed to the point that they ignore calls and letters from their lender. This is human nature, but it's the worst thing you can do if you want to hang on to your home or save your credit. Many lenders work with us to avoid the foreclosure process. Real Property Options will deal with your case on a personal level, and your circumstances will be taken into account.

FAMOUS OPTIONS - FORECLOSURE (A-H)

LEXIZSTUFF — Tue, 10 Mar 2009 20:51:41 CDT

FORECLOSURE:

California Foreclosure Law Summary

Quick Facts - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: Yes - Primary Security Instruments: Deed of Trust, Mortgage - Timeline: Typically 120 days - Right of Redemption: Varies - Deficiency Judgments Allowed: Varies In California, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. Using this type of foreclosure process, lenders may seek a deficiency judgment and under certain circumstances, the borrower may have up to one (1) year to redeem the property. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines". Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows: A notice of sale must be: 1) recorded in the county where the property is located at least fourteen (14) days prior to the sale; 2) mailed by certified, return receipt requested, to the borrower at least twenty (20) days before the sale; 3) posted on the property itself at least twenty (20) days before the sale; and 4) posted in one (1) public place in the county where the property is to be sold. The notice of sale must contain the time and location of the foreclosure sale, as well as the property address, the trustee's name, address and phone number and a statement that the property will be sold at auction. The borrower has up until five days before the foreclosure sale to cure the default and stop the process. The sale may be held on any business day between the hours of 9:00 am and 5:00 pm and must take place at the location specified in the notice of sale. The trustee may require proof of the bidders ability to pay their full bid amount. Anyone may bid at the sale, which must be made at public auction to the highest bidder. If necessary, the sale may be postponed by announcement at the time and location of the original foreclosure sale. Lenders may not seek a deficiency judgment after a non-judicial foreclosure sale and the borrower has no rights of redemption.

Alabama Foreclosure Law Summary Quick Facts - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: Yes - Primary Security Instruments: Deed of Trust, Mortgage - Timeline: Varies by Process; Typically 30 - 60 days - Right of Redemption: 12 months - Deficiency Judgments Allowed: Yes In Alabama, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. However, when no power of sale is present, lenders may, at their option, choose to forego a lawsuit and foreclose by selling the property, as outlined below in the "No Power of Sale Foreclosure Guidelines".

Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. However, if the deed of trust or mortgage contains a power of sale clause, but does not specify the time, place and terms of sale, then a foreclosure sale may take place at the front or main door of the courthouse of the county where the property located, after default of the deed of trust or mortgage, for cash to the highest bidder. The sale may not take place until thirty (30) days after the last notice of sale is published.

Said notice of sale must be given by publication once a week for four (4) successive weeks in a newspaper published in the county or counties in which the property is located. If the property is under mortgage in more than one county, the publication is to be made in all counties where it is located. The notice of sale must give the time, place and terms of said sale, together with a description of the property. If no newspaper is published in the county where the lands are located, the notice shall be placed in a newspaper published in an adjoining county for four (4) successive weeks.

No Power of Sale Foreclosure Guidelines If no power of sale is contained in a mortgage or deed of trust, the lender, or any assignee thereof, may, after default of the mortgage or deed of trust, either file a lawsuit to foreclose or foreclose by selling the property to the highest bidder for cash at the courthouse door of the county where the property is situated. Said sale may not take place until after notice of the time, place, terms and purpose of the sale has been published for four (4) consecutive weeks in a newspaper published in the county wherein said lands, or a portion thereof are situated.

Alaska Foreclosure Law Summary
Quick Facts - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: Yes - Primary Security Instruments: Deed of Trust, Mortgage - Timeline: Varies by Process; Typically 90 days - Right of Redemption: Varies by Process - Deficiency Judgments Allowed: Varies by Process In Alaska, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, has been instituted more since the late 1980's, when lenders found that they were foreclosing on residential property worth substantially less than the amount owed. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. In the case of judicial foreclosure, the process is carried out according to the rules of equity, deficiency suits are permitted and the borrower has no rights of redemption. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines". Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed, provided it meets the minimum protection laws set forth by the State of Alaska. Otherwise, the non-judicial power of sale foreclosure is carried out in the following three phases: The trustee must record a notice of default in the office of the recorder of the recording district in which the property is located not less than thirty (30) days after the default and not less than three (3) months before the sale. Said notice of default must state the name of the borrower, the book and page where the deed is recorded and it must describe the property, the borrower’s default, the amount the borrower owes, and the trustee’s desire to sell. It must also state the date, time and place of the sale. Within ten (10) days after recording the notice of default, the trustee must mail a copy of the same by certified mail to the last know address of (1) the borrower, and (2) any person whose claim or lien on the property appears of record or is known to the lender of trustee and (3) any occupant. The trustee may have the notice delivered personally instead of sending it by certified mail. Any time before the sale, the borrower may cure the default and stop the sale by paying a sum equal to the missed payments plus attorney’s fees. The lender may not require the borrower to pay off the entire remaining principal balance of the loan to cure the default, just the missed payments and attorney’s fees. If the lender has recorded a notice of default two or more times, then the Alaska statutes provide that the lender can refuse to accept the borrower’s monies for the missed payments and attorney’s fees and proceed with the foreclosure sale instead. The sale must be made at a public auction held at the front door of a courthouse of the superior court in the judicial district where the property is located. The trustee must sell to the highest and best bidder and the lender may bid at auction. The trustee may postpone sale of all or any portion of the property by delivering to the person conducting the sale a written and signed request for the postponement to a stated date and hour. The person conducting the sale shall publicly announce the postponement to the stated date and hour at the time and place originally fixed for the sale. This procedure shall be followed in any succeeding postponement. When this type of foreclosure process is used, the borrower has a right to redeem the property and deficiency suits are not allowed.

Arizona Foreclosure Law Summary

Quick Facts - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: Yes - Primary Security Instruments: Deed of Trust, Mortgage - Timeline: Typically 90 days - Right of Redemption: None - Deficiency Judgments Allowed: Varies In Arizona, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines". Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows: The trustee must record a notice of sale in the office of the recorder of the county where the property is located. Within five (5) days after the notice is recorded, the trustee must mail, by certified mail, a copy of the notice of sale to each of the people who are parties to the trust deed, except for himself. Additionally, the notice must appear in a newspaper in the county where the property is located once a week for four (4) consecutive weeks, with the last notice being published not less than ten (10) days prior to the date of the sale. Optionally, if it can be done without a breach of the peace, the trustee can post the notice at least twenty (20) days prior to the date of the sale, in some conspicuous place on the property to be sold and/or he or she can post the notice at the courthouse or at a specified place at the place of business of the trustee in the county in which the property is located. The trustee or the trustee’s agent must conduct the sale. The sale is for cash to the highest bidder, except that the lender can make a "credit bid," which means to cancel out some part (or all) of the money the borrower owed the lender on the lean, instead of paying cash. A successful high bidder must pay the bid price by 5 pm of the day after the bid, other than a Saturday or legal holiday. Every bid is an irrevocable offer until the sale is completed, which happens when the bidder pays the bid price to the trustee’s satisfaction. If the high bidder fails to make the payment by 5:00 pm, the day after being notified of the option to buy, then the trustee may postpone the sale. The trustee may postpone the sale to another time, or another place, by giving notice of the new date, time and place by public declaration at the last place and time the property was offered for sale. No other notice is required. A trustee may also, by written agreement, extend the time for a buyer to come up with the payment. Once the sale is complete, the proceeds will go to the payment of the obligations secured by the deed of trust that was foreclosed, then to junior lien holders in order of their priority. The successful bidder gets a trustee’s deed, which provides conclusive evidence that the trustee conducted the foreclosure sale property. A note regarding Deficiency Suits: A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure, provided the property was a single one-family or a single two-family dwelling. This is so even if the high bid at foreclosure was less that the balance due on the loan. However, in foreclosures against other types of property, a deficiency suit is allowed, but is limited to the difference between the balance owed and the fair market value of the property, and then only if the suit is brought within ninety (90) days of the power of sale foreclosure.

Arkansas Foreclosure Law Summary

Quick Facts - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: Yes - Primary Security Instruments: Deed of Trust, Mortgage - Timeline: Typically 120 days - Right of Redemption: Varies - Deficiency Judgments Allowed: Varies In Arkansas, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. However, an appraisal of the property must be made prior to the schedule date of foreclosure. In any foreclosure under a mortgage or deed of trust in Arkansas, the property must sell for not less than two-thirds of the appraised value. If it does not, then it may be offered for sale again within twelve (12) months. The second sale may be to the highest bidder without reference to the previous appraisal. Judicial Foreclosure In judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, then the clerk of the court, as commissioner, advertises the property for sale. Sales of real property under court order will be on a credit of not less than three (3) months, but not more than six (6) months, or on installments to not more than four (4) months credit overall. To secure payment, a lien will be retained on the property for its price and the purchaser must also give a bond with surety for the amount of the purchase price. The lender may bid at the sale by crediting a portion (or all) of the amount the court found was owed to the lender against the sales price of the property purchased at the foreclosure sale. If the real estate does not sell for an amount equal to what’s due on the mortgage loan, then the lender may seize other property from the borrower as in an ordinary judgment. The borrower has one (1) year from the date of the sale to redeem the property by paying the amount for which the property was sold, plus interest. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines". Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows: The trustee must record a notice of sale in the office of the recorder of the county where the property is located. The mortgagee's or trustee's notice of default and intention to sell shall be mailed within thirty (30) days of the recording of the notice by certified mail to the borrower. This includes any borrower of record or of whom the lender has actual notice. The notice must also be mailed to anyone who records a Request for Notice that specifically described the mortgagee including its recording information. Within five (5) days after the notice is recorded, the trustee must mail, by certified mail, a copy of the notice of sale to each of the people who are parties to the trust deed, except for himself. Additionally, the notice of default and intention to sell must appear in a newspaper in the county where the property is located once a week for four (4) consecutive weeks, with the last notice being published not less than ten (10) days prior to the date of the sale. Said notice of default and intention to sell must contain the names of the parties to the mortgage or deed of trust, a legal description of the trust property and, if applicable, the street address of the property, the book and page numbers where the mortgage or deed of trust is recorded or the recorder's document number, the default for which foreclosure is made, the mortgagee's or trustee's intention to sell the trust property to satisfy the obligation, including, in conspicuous type, a warning as follows: "YOU MAY LOSE YOUR PROPERTY IF YOU DO NOT TAKE IMMEDIATE ACTION" and the time, date, and place of sale. Any person including the mortgagee (lender) may bid at the sale, except the trustee, who may bid on the behalf of the beneficiary (lender) but not for himself or herself in deed of trust sales. The high bidder must pay the price bid at the time of sale, or within ten (10) days. The lender may bid by canceling out what it is owed on the loan, including unpaid taxes, insurance, costs or sale and maintenance, but for cash for any higher price. The trustee may postpone the sale by public proclamation at the time, place and date last appointed for sale, up to seven (7) days past the original date, but if for a longer time, then the whole notice procedure must be performed a second time, including the sixty (60) day wait. Once the sale is complete, the proceeds will go to the pay for the expenses of the foreclosure sale, then toward the obligations secured by the trust deed that was foreclosed and then to junior lien holders in order of their priority. The original borrower is entitled to receive any remaining funds. The successful bidder receives a trustee’s deed. The lender may sue the borrower for a deficiency within twelve (12) months of a power of sale clause foreclosure. The lender may sue for (1) the difference between the foreclosure sale price and the balance due on the loan, or (2) the balance due on the loan minus the fair market value of the property, whichever is less.

Colorado Foreclosure Law Summary Quick Facts - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: Yes - Primary Security Instruments: Deed of Trust, Mortgage - Timeline: Typically four months - Right of Redemption: Yes - Deficiency Judgments Allowed: Yes In Colorado, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines". Power of Sale Foreclosure Guidelines The foreclosure process in Colorado is quite a bit different than in other states because here, the governor appoints a "Public Trustee" for each county in the state. The trustee must act as an impartial party when handling a power of sale foreclosure. In Colorado, the non-judicial power of sale foreclosure is carried out as follows: The process begins when the attorney representing the lender files the required documents with the Office of the Public Trustee of the county where the property is located. The Public Trustee then files a "Notice of Election and Demand" with the county clerk and recorder of the county. Once recorded, the notice must be published in a newspaper of general circulation within the county where the property is located for a period of five (5) consecutive weeks. The Public Trustee must also mail, within ten (10) days after the publication of the notice of election and demand for sale, a copy of the same and a notice of sale as published in the newspaper, to the borrower and any owner or claimant of record, at the address given in the recorded instrument. The Public Trustee must also mail, at lease twenty-one (21) days before the foreclosure sale, a notice to the borrower describing how to redeem the property. The owner of the property may stop the foreclosure proceedings by filing an "Intent to Cure" with the Public Trustee's office at least fifteen (15) days prior to the foreclosure sale and then paying the necessary amount to bring the loan current by noon the day before the foreclosure sale is scheduled. The foreclosure sale must take place between forty-five (45) and sixty (60) days after the recording of the election and demand for sale with the county clerk and recorder. The Public Trustee may hold the sale at any entrance to the courthouse, unless other provisions were made in the deed of trust. The lender has the option to file a suit for deficiency in Colorado and the borrower has up to seventy five (75) days after the sale to redeem the property by paying the foreclosure sale amount, plus interest.

Connecticut Foreclosure Law Summary Quick Facts - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: No - Primary Security Instruments: Mortgage - Timeline: Typically 60 days - Right of Redemption: No - Deficiency Judgments Allowed: Yes In Connecticut, lenders may foreclose on a mortgage in default by using the judicial foreclosure process. Judicial Foreclosure The judicial foreclosure process in Connecticut is carried out by either strict foreclosure or a decree of sale. With strict foreclosure, no actual foreclosure sale is held. Instead, the lender goes to court to try and obtain a court order demonstrating the borrower is in default of the mortgage. If successful, the title transfers to the lender immediately. However, the court sets an established amount of time in which the borrower may redeem the property, but if they fail to do so, the title becomes absolute to the lender and the borrower has no longer has any claim to the property. The lender then has thirty (30) days to record a certificate of foreclosure, which must contain a description of the property, the foreclosure proceedings, the mortgage and the date the title became absolute. With a decree of sale, the court: 1) establishes the time and manner of the sale; 2) appoints a committee to sell the property; and 3) appoints three appraisers to determine the value of the property. The borrower may stop the foreclosure proceedings at any time before the sale by paying the balance due on the mortgage. If no such payment is made, the committee will go forward with the sale. The lender may sue to obtain a deficiency judgment in Connecticut.

Delaware Foreclosure Law Summary Quick Facts - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: No - Primary Security Instruments: Mortgage - Timeline: Typically 90 days - Right of Redemption: No - Deficiency Judgments Allowed: No In Delaware, lenders may foreclose on a mortgage in default by using the judicial foreclosure process. Judicial Foreclosure Lenders in Delaware are given a number of options in which they may pursue judicial foreclosure, but the most commonly used procedure is the Scire Facias. This proceeding is quite different from other judicial foreclosures because instead of the lender having to prove the borrower is in default of the mortgage, the borrower has to prove he isn't. Although the suit to obtain an order for foreclosure is filed by the lender, the borrower must appear in court within twenty (20) days of being served a writ to provide evidence as to why the foreclosure should not take place. Unless the court is satisfied with the borrowers explanation and evidence, they will authorize a foreclosure sale. Said sale must be conducted by the sheriff and held either at the courthouse or at the property itself at least fourteen (14) days after the notice of sale is posted on the property and in other public places throughout the county in which it is located. The buyer has no right of redemption once the court has confirmed the sale.
Florida Foreclosure Law Summary Quick Facts - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: No - Primary Security Instruments: Mortgage - Timeline: Typically 180 days - Right of Redemption: Yes - Deficiency Judgments Allowed: Yes

In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure action, the court severs, for separate trial, all counterclaims against the foreclosing lender. The foreclosure claim shall, if tried, be tried to the court without a jury.

The court order of foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms. Whenever a legal advertisement, publication, or notice relating to a foreclosure proceeding is required to be placed in a newspaper, it is the responsibility of the lender or their representative to place such advertisement, publication, or notice. Equitable Right of Redemption ends at the foreclosure sale (or at another time specified by the courts, but this rarely happens). There is a period of time after the sale that "the court reviews the sale to ensure a fair price has been paid." Basically, this period of time allows parties to object to the sale on the basis that proper procedures were not followed or collusion existed between the bidders, for example. This period is usually 10 days, after which the Certificate of Sale is filed and title passes, if the sale is confirmed. If the sale is not confirmed, another sale is ordered. (Reference F.S. Chapter 702)

The lender may sue to obtain a deficiency judgment in Florida.

Georgia Foreclosure Law Summary Quick Facts - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: Yes - Primary Security Instruments: Deed of Trust, Mortgage - Timeline: Typically 90 days - Right of Redemption: Yes - Deficiency Judgments Allowed: Yes In Georgia, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines". Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows: A foreclosure notice must be mailed by certified mail, return receipt requested to the borrower no later than 15 days prior to the date of the foreclosure sale. The time period begins the day the letter is postmarked. The notice must be mailed to the address given to the lender by written notice from the borrower. No waiver or release of the rights to notice is valid if it was signed at the same time as the original documents. The notice must be published in a newspaper of general circulation in the county where the sale will be held once a week for four (4) weeks proceeding the date of the foreclosure sale. The sale must be made by public auction on the first Tuesday of the month between 10:00 am and 4:00 p.m. at the courthouse. Lenders may seek a deficiency judgment in Georgia.

Hawaii Foreclosure Law Summary Quick Facts - Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of Trust, Mortgage
- Timeline: Typically 60 days
- Right of Redemption: None
- Deficiency Judgments Allowed: Yes In Hawaii, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.

Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

The notice of intent to foreclose must be published once a week for three (3) successive weeks, the last publication to be not less than fourteen (14) days before the day of sale, in a newspaper having a general circulation in the county in which the mortgaged property is located.

Copies of the notice must be mailed or delivered to the mortgagor, the borrower, any prior or junior creditors, the state director of taxation and any other person entitled to receive notice. Additionally, the notice must be posted on the premises not less than twenty-one (21) days before the day of sale.

Said notice must state: 1) The date, time, and place of the public sale; 2) The dates and times of the two (2) open houses of the mortgaged property, or if there will not to be any open houses, the public notice shall so state; 3) The unpaid balance of the moneys owed to the mortgagee under the mortgage agreement; 4) A description of the mortgaged property, including the address or description of the location of the mortgaged property, and the tax map key number of the mortgaged property; 5) The name of the mortgagor and the borrower; 6) the name of the lender; 7) The name of any prior or junior creditors having a recorded lien on the mortgaged property before the recordation of the notice of default; 8) The name, the address in the State, and the telephone number in the State of the person in the State conducting the public sale; and 9) The terms and conditions of the public sale.

Additional wording, as required by the State of Hawaii, may be found here.

Up until three (3) days before the sale, the borrower may cure the default and stop the sale by paying the lien debt, costs and reasonable attorney's fees, unless otherwise agreed to between the lender and the borrower.

The sale, which may be held no earlier than fourteen (14) days after the last ad is published, is to be made at auction to the highest bidder.

Any sale, in which notice has been given, may be postponed from time to time by public announcement made by the lender or their representative.

FORECLOSURE EFFECTS

LEXIZSTUFF — Tue, 10 Mar 2009 20:50:40 CDT

Effects of Foreclosure The most obvious effect of foreclosure is that you now find yourself without a home. Many people rely on family at this point to get them through the coming months. Some people are able to afford to move into an apartment while they get their finances back on track. Sadly, some people that suffer foreclosure find themselves homeless. Most states have homeless prevention programs that assist people who are down on their luck and in need of a boost. If you've been foreclosed on and have no housing options, check with your state and local department of human services to see if they can assist you. Your credit rating is another way foreclosure can affect you. While being foreclosed on does have a negative impact on your credit rating, it doesn't damage it beyond repair. Credit ratings are based on your credit history, so the foreclosure will be factored in along with everything else. If you had a good rating before you fell behind on your loan, you might be surprised at how high your credit score is after you foreclose. The most important thing to do after foreclosure is to try and repair your credit. Make sure all your other accounts are current and paid up. You may try and secure a smaller loan -- making payments on this loan will help you repair your credit. You may even be able to secure another home mortgage at a less-than-prime rate with a large down payment.
If you've been foreclosed on, you may have trouble finding or keeping employment. Some employers require a good credit rating to get hired, and foreclosure can even be grounds for termination. Stress and depression are also common effects of foreclosure. A lack of self-esteem and self-worth are typically associated with people that have lost their homes.

FORECLOSURE OVERVIEW

LEXIZSTUFF — Tue, 10 Mar 2009 20:50:06 CDT

Foreclosure Overview & Foreclosure Process

What is Foreclosure?

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:

The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.
The borrower/owner sells the property to a Real Property Options during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
A third party buys the property at a public auction at the end of the pre-foreclosure period.
The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure, via Real Property Options or by buying back the property at the public auction. Properties repossessed by the lender are also known as bank-owned or REO properties (Real Estate Owned by the lender).

This foreclosure process allows for three opportunities for finding bargains on foreclosure homes.

Pre-Foreclosure (NOD, LIS):

Real Property Options will perform a short sale while your property is in pre-foreclosure. The homeowner/owner can walk away free and clear and avoid a bad mark on his or her credit history.

Auction (NTS, NFS):

If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Buyers often are required to pay in cash at the auction.

The Foreclosure Process

The foreclosure process differs by state, but we can take a look at the general steps that are taken. If you're faced with foreclosure, it's important that you research your state's laws and practices.

Foreclosure proceedings can begin after a single missed payment! Most banks and lenders have a grace period for late payments, usually with a fee added on. It typically takes being a full 30 days late for the alarm bells to go off. After the second missed payment, you'll be getting some phone calls. Many lenders will only accept both late payments to bring the loan current. They also may refuse any partial payments.

Once you fall three months behind, things get serious. This is typically when most lenders will begin the foreclosure process in one of two ways: judicial sale, which requires that the process go through the court system, or power of sale, which can be carried out entirely by the mortgage holder. All states allow judicial sale, while only 29 allow power of sale. If your state allows power of sale, the loan papers will usually have a clause that says this method will be used. Power of sale is typically faster than the judicial route. Let's look at both methods.

Judicial sale:

The mortgage lender will file suit with the court system.
You'll receive a letter from the court demanding payment.
Typically, you'll have 30 days to respond with payment to avoid foreclosure.
At the end of the payment period, a judgment will be entered and the lender can request sale of the property by auction.
The auction is carried out by the sheriff's office, usually several months after the judgment.
Once the property is sold, you're served with an eviction notice by the sheriff's office, and you must vacate your former home immediately.

Power of sale:

The mortgage lender will serve you with papers demanding payment.
After an established waiting period, a deed of trust is drawn up that temporarily conveys the property to a trustee.
The trustee will sell the house at public auction for the lender.
Many times, these foreclosures are subject to judicial review to make sure everything was carried out legally.
There is usually a requirement for the lender to post a public notice of sale for the auction.

Both types of foreclosure require that any other involved parties be notified of the proceedings. For instance, if the homeowner took out another loan against the house with a third party, that lender must be contacted and its loan amount must be paid from the auction's proceeds. If the third-party lender isn't paid, it can apply the mortgage to the new property owner. Many times, the lender will actually buy the property back and attempt to sell it through the real estate market at a later date.

If your situation is temporary, there are some other solutions:

The Federal Housing Authority (FHA) is willing to help. If your loan is FHA-approved, you can get in touch with an FHA housing counselor who will walk you through possible solutions. This counselor will negotiate with the lender for you and will even help you work out a monthly budget plan.

If the area where you live or work has been declared a natural disaster by the federal government and you're facing foreclosure, the FHA provides relief plans to assist you. In most cases, you can get up to three months' relief from your monthly loan payments while you work out your home or work situation.

Forbearance is when your lender agrees to suspend your payments temporarily if you agree to another option to satisfy your loan amount. The option is usually reinstatement -- you pay the outstanding amount in one lump sum. If you know you have a large amount of money coming your way soon, these options are good ways to prevent foreclosure.

Mortgage modification is when your lender agrees to change the terms of your mortgage to make it more affordable for you.

You may be eligible for a partial claim if you're able to begin making payments again but not able to bring your account current. Your lender would assist you in getting an interest-free loan that will bring your account current and you can resume payments. Payment on this loan can be delayed for a period of time.

If you aren't able to keep your home, you can sell it to pay off your loan. If this is the case, call your lender -- it can suspend your loan payments while you sell your house and may even accept less than the loan amount if you sell it quickly. A final option is to surrender your deed-in-lieu of foreclosure. This is when you simply hand your property back to your lender.
Remember BANKRUPTCY should not be an option!
Remember DOING NOTHING should not be an option!

We CAN and WILL HELP YOU!

FORECLOSURE (R-W)

LEXIZSTUFF — Tue, 10 Mar 2009 20:49:31 CDT

Rhode Island Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 60 days

- Right of Redemption: Varies by Process

- Deficiency Judgments Allowed: Yes

In Rhode Island, lenders may foreclose on deeds of trusts or mortgages in default: 1) by using the judicial foreclosure process; 2) by filing a lawsuit seeking eviction; 3) by taking possession of the house; 4) by the borrower voluntarily giving up possession; or 5) by using the non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

Special Procedures

In instances where the lender takes possession of the house, they must do so peaceably and in the presence of two witnesses. Said witnesses must give a certificate of possession, which must then be notarized. Additionally, borrowers who voluntarily give up possession of the property must do so in the presence of a notary. In these instances, the lender will obtain the full title to the property if they are able to maintain possession for an established period of time.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

The lender must mail a written notice of the time and place of sale, by certified mail, return receipt requested, to the borrower at his or her last known address, at least twenty (20) days prior to the first publication, including the day of mailing in the computation.
The lender must give notice of the sale by publication in some public newspaper at least once a week for three (3) successive weeks before the sale, with the first publication of the notice being at least twenty-one (21) days before the day of sale, including the day of the first publication in the computation.
Said notice must contain the names of the borrower and lender, the mortgage date, the amount due, a description of the premises and the time and place of sale.

Any person may bid at the sale, including the lender.

South Carolina Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: No

- Primary Security Instrument: Mortgage

- Timeline: Varies

- Right of Redemption: No

- Deficiency Judgments Allowed: Yes

In South Carolina, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold.
In South Carolina, the property is generally sold in the following manner:

A notice of sale, containing a description of the property, the time and place of sale, the borrowers name and the lenders name, must be published at the courthouse door and two other public places at least three weeks prior to the date of sale. The notice must also be published in a newspaper of general circulation within the county where the property resides for the same time period.
Unless otherwise ordered by the court, the sale must be conducted at the courthouse where the property is located by the sheriff of said county. The sale must be held on the first Monday in each month, unless it is a holiday and then the sale may take place on the following Tuesday. The sale may begin at 11:00 am and go until 5:00 pm, but the sheriff may close the bidding prior to that time.
Despite the fact that the bidding at the public sale has ended, in South Carolina, the auction actually stays open for a full thirty days after the date of the public sale. During this thirty day time period, anyone may place a bid higher than the last bid amount and the successful purchaser will be the one with the highest bid at the end of the thirty days. This ongoing bid process is referred to as upset bidding. Anyone, other than the successful purchaser, who has placed a bid during this time, will be entitled to a refund of any deposit made in good faith and he or she will have no further interest in the property.
If no objection to the sale price of the property has been filed with the sheriff's office within three months after the date of sale, the sale will be considered confirmed and the sheriff will make any necessary deed endorsements.

Lenders in South Carolina may file for a deficiency judgment against the borrower and borrowers have no rights of redemption.

South Dakota Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 90 days

- Right of Redemption: Varies

- Deficiency Judgments Allowed: Varies

In South Dakota, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

A foreclosure notice must be published once a week for four successive weeks in a newspaper of general circulation in the county where the premises are located.
At least twenty-one days prior to the date set for sale, the lender must serve a written copy of the notice of foreclosure sale on the borrower and any lien holder whose interest in the property being foreclosed would be affected by the foreclosure.
Said notice must contain the names of the borrower and lender, the mortgage date, the amount due, a description of the premises and the time and place of sale.
The sale must be made by the sheriff of such county, or his deputy, between the hours of 9:00 am and 5:00 pm to the highest bidder. Any person including the mortgagee (lender) may bid at the sale. The winning bidder will receive a certificate of sale.
The sale may be postponed, from time to time, by inserting a notice of such postponement, as soon as possible, in the newspaper in which the original advertisement was published, and continuing such publication until the time when the postponed sale occurs.

If the property is 40 acres or less, and the mortgage contains a power of sale clause, then a 180-day period of redemption exists. If the property is abandoned, the time period is reduced to 60 days. Generally, unless special short-term redemption mortgage provisions apply, borrowers may redeem within one year of the date of sale.

Tennessee Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 60 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Yes

In Tennessee, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure
process.

Judicial Foreclosure

The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

A notice of sale must be published at least three (3) different times in a newspaper published in the county where the sale is to be made, with the first publication appearing at least twenty (20) days prior to the sale.
Unless otherwise ordered, if no newspaper is published in said county, the notice of sale must be posted at least thirty (30) days in advance of the sale in at least five (5) public places within the county. At least one of these notices must be placed at the courthouse door and another in the neighborhood of the property itself.
A notice of sale must also be served upon the borrower at least twenty (20) days prior to the date of sale if the borrower is in possession of the property.
The sale must be held between the hours of 10:00 am and 4:00 pm for cash to the highest bidder. The sheriff of each county in the state of Tennessee may set a minimum acceptable price for the property as long as the price is equal to or greater than fifty percent (50%) of the fair market value.
The successful bidder at the foreclosure sale will receive a certificate of sale and may be entitled to receive a deed once the borrowers right of redemption has expired.

Deficiency judgments are allowed in Tennessee and the borrower has a period of two (2) years to redeem the property, unless their right of redemption was waived in the original deed of trust.

Texas Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 60 days

- Right of Redemption: No

- Deficiency Judgments Allowed: Yes

In Texas, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

Prior to proceeding with a foreclosure, Texas laws state that the lender must mail the borrower a letter of demand, informing the buyer he has twenty (20) days to pay the delinquent payments or foreclosure proceedings will begin.
At some point after the borrowers twenty (20) days have expired, but at least twenty one (21) days before the foreclosure sale, a foreclosure notice must be: 1) filed with the county clerk; 2) mailed to the borrower at their last known address; and 3) posted on the county courthouse door.
The foreclosure sale must take place on the first Tuesday of any month, even if said Tuesday falls on a legal holiday, but only after the proper preliminary notices have been given. The sale is on the courthouse steps by auction to the highest bidder for cash. Anyone may bid, including the lender, who bids by canceling out the balance due on the note, or some part of it.

Lenders may obtain deficiency judgments, but they are limited to the difference between the fair market value of the property at the time of sale and the balance of the loan in default.

Utah Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instrument: Deed of Trust, Mortgage

- Timeline: Varies

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Yes

In Utah, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold in the manner of normal execution sales.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

A notice of sale must be published once a week for three (3) consecutive weeks in a newspaper of general circulation in the county where the property is to be sold. The last publication must be at least ten (10) days but not more than thirty (30) days before the date of sale is scheduled.
The notice of sale must also be posted, at least twenty (20) days before the date of sale is scheduled, in some conspicuous place on the property to be sold and at the office of the county recorder of each county in which the property is located.
The place of sale must be clearly advertised in the notice of sale and the sale must be held between the hours of 8 am and 5 pm.
Borrowers do have a right of redemption in Utah, but the court may extend the redemption time past the time allowed in regular judgments so there is no set length of time.

It is possible to obtain a deficiency judgment against the borrower for the difference between the amount the borrower owed on the original loan and the foreclosure sale price and the lender may be able to seize the property until the differing amount is paid.

Vermont Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 210 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Yes

In Vermont, lenders may foreclose on mortgages or deeds of trust in default using the strict or the power of sale foreclosure process.

Strict Foreclosure

The strict foreclosure process is based on the premise that the lender owns the property until the mortgage has been paid in full. If the borrower breaks any of the conditions established in the mortgage prior to the time the loan is paid in full, he or she will lose any right to the property and the lender will either take possession of the property or arrange for it's sale. In Vermont, a suit must be filed in the county where the property is located before either of these actions can occur. The borrower will be served a summons to appear before the court and informed of his rights, at which time the lender may move for a summary judgment and avoid the trial altogether.

Regardless, the borrower has either a six (6) month (post-1968 mortgages) or a twelve (12) month (pre-1968 mortgages)
redemption period.

Power of Sale Foreclosure

A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee.

In Vermont, power of sale foreclosures are conducted either judicially or non-judicially, depending on the type of property securing the deed of trust or mortgage.

Judicial Foreclosure

In Vermont, lenders who wish to obtain a foreclosure using the power of sale clause in the deed of trust must first file a complaint in a court having jurisdiction in the county where the property is located to try and obtain a decree of sale. This form of foreclosure must be used when the property includes a dwelling of two units or less, with the owner using said property as their principal residence. The sale of this type of property may not be held until seven (7) months after the decree of sale has been issued.

Non-Judicial Foreclosure

In Vermont, when a power of sale is contained in a mortgage relating to any property except for a dwelling house of two units or less, that is occupied by the owner as a principal residence, or farmland, the lender may exercise the power of sale without first commencing a foreclosure action or obtaining a foreclosure decree.

Power of Sale Guidelines

At least thirty (30) days prior to the publication of a notice of sale, a notice of intent to foreclose must be sent to the borrower by registered or certified mail at his or her last known address. The notice of intent must include information on the mortgage to be foreclosed, state the condition breached and the lenders right to accelerate the mortgage, and include the total amount necessary to cure the default. The borrower must also be informed that he or she is entitled to receive a notice of sale at least sixty (60) days prior to the date of sale.
The borrower may redeem the property at any time prior to the foreclosure sale by paying the full amount due on the mortgage, plus costs.
The sale must be held on the property itself, unless otherwise ordered by the court, and the property must be sold to the highest bidder. Anyone may bid at the sale, including the lender. The borrower is entitled to receive any surplus from the sale, but they may also be sued for deficiency if the sale price is not enough to cover the amount of the mortgage in default.
If the property is sold without court action, as in non-judicial foreclosure by power of sale, the notice of sale must include the following language:
"The mortgagor is hereby notified that at any time before the foreclosure sale, the mortgagor has a right to petition the superior court for the county in which the mortgaged premises are situated, with service upon the mortgagee, and upon such bond as the court may require, to enjoin the scheduled foreclosure sale. Failure to institute such petition and complete service upon the foreclosing party, or their agent, conducting the sale prior to sale shall thereafter bar any action or right of action of the mortgagor based on the validity of the foreclosure, the right of the mortgage holder to conduct the foreclosure sale, or compliance by the mortgage holder with the notice requirements and other conditions of section 4532 of Title 12. An action to recover damages resulting from the sale of the premises on the date of the sale may be commenced at any time within one year following the date of the sale, but not thereafter."

Virginia Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 60 days

- Right of Redemption: Varies

- Deficiency Judgments Allowed: Yes

In Virginia, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.

The borrower has two hundred forty (240) days from the date of the sale to redeem the property by paying the amount for which the property was sold, plus six (6) percent interest.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. However, additional requirements must be met, as outlined below in section one (1).

Even when the deed of trust makes allowances for advertising the foreclosure sale, Virginia Statutes require ads to be published no less than once a day for three days, which may be consecutive days. These requirements are in addition to the advertising terms stipulated in the deed of trust. If the deed of trust does not provide for advertising, then the ad shall be run once a week for four successive weeks. However, near a city, an ad on five different days, which may be consecutive, will be sufficient.

A copy of the advertisement or a notice with the same information must be mailed to the borrower at least 14 days before the foreclosure sale.
The foreclosure sale ad must include anything required by the deed of trust and may include a legal description of the property, a street address and a tax map identification or general information about the property's location. The notice must include the time, place and terms of sale. It must give the name of the trustee and the address and phone number of a person who will be able to respond to inquiries about the foreclosure sale.

Any time before the sale, the borrower may cure the default and stop the sale by paying the lien debt, costs and reasonable attorney's fees.
The sale, which may be held no earlier than eight (8) days after the first ad is published and no more than thirty (30) days after the last advertisement is published, is to be made at auction to the highest bidder. Any person other than the trustee may bid at the foreclosure sale, including a person who has submitted a written one-price bid. Written one-price bids may be made and shall be received by the trustee for entry by announcement of the trustee at the sale. Any bidder in attendance may inspect written bids. Additionally, the trustee may require bidders to place a cash deposit of up to ten (10) percent of the sale price, unless the dead of trust specifies a higher or lower amount.

In the event of postponement of sale, which may be done at the discretion of the trustee, advertisement of such postponed sale shall be in the same manner as the original advertisement of sale.
Once the sale is complete, the proceeds will go to: 1) the expenses of executing the trust; 2) to discharge all taxes, levies, and assessments, with costs and interest if they have priority over the lien of the deed of trust; 3) to discharge in the order of their priority, if any, the remaining debts and obligations secured by the deed, and any liens of record inferior to the deed of trust under which sale is made; 4) any remaining proceeds go to the borrower.

Lenders may obtain deficiency judgments, without limits, in Virginia.

Washington Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 120 days

- Right of Redemption: Yes, but may be precluded.

- Deficiency Judgments Allowed: Yes

In Washington, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

The notice of sale must be transmitted both by regular mail and by certified mail, return receipt requested, to the borrower at their last known address, and by regular mail to the attorney of record for the borrower, if any, not less than thirty (30) days prior to the day of sale.

The sheriff must publish a notice of the sale once a week, consecutively, for four (4) weeks, in any daily or weekly legal newspaper of of general circulation published in the county in which the property is located. Additionally, the sheriff must also post the notice in two public places, one of which must be the courthouse door, in the county where the sale is to take place for a period of not less than four weeks prior to the day of sale.

Said notice must contain the time and place of the foreclosure sale, the names of the parties to the deed, the date of the deed, recording information, a property description, the terms of the sale, and the borrowers rights (or lack of) redemption.
The borrower has up to eleven (11) days before the sale stop the foreclosure process by paying the past due payments, plus expenses, including trustee and attorney fees.
The sale must be made by auction between 9:00 am in the morning and 4:00 am in the afternoon at the courthouse door on Friday unless Friday is a legal holiday and then the sale must be held on the next following regular business day. The sale may not be conducted less than 190 days from the date of default and the highest bidder will receive a certificate of sale.

The sheriff may postpone the sale (not exceeding one (1) week next after the day appointed) by giving notice and by posting written notices of the adjournment under the notices of sale originally posted.

Unless redemption rights have been precluded, the borrower may, within eight (8) months after the date of the sale, redeem the property by paying the amount of the highest bid at the foreclosure, plus interest.

If the non-judicial foreclosure process is used by the lender, then it cannot sue for a deficiency judgment. On judicial foreclosure sales, the borrower can be sued for a deficiency, unless the property is found to be abandoned for six (6) months before the decree of foreclosure.

Washington DC Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: No

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust

- Timeline: Typically 60 days

- Right of Redemption: No

- Deficiency Judgments Allowed: Yes
In Washington D.C., lenders may foreclose on deeds of trusts in default using the non-judicial foreclosure process.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed.
If the terms of the sale are not established in the deed of trust, the lender, or his representative, must obtain a court order specifying the terms of the sale.
However, no foreclosure sale may take place unless the lender gives written notice, by certified mail (return receipt requested), to the borrower at his last known address. This notice must also be sent to the Mayor of the District of Columbia, or his designated agent. Both notices must be sent at least thirty (30) days prior to the sale, with the thirty (30) day period beginning on the day the notice is received by the Mayor. This notice must be given in addition to any notices set forth by the court, the mortgage or the deed of trust.
In Washington D.C., lenders may obtain a deficiency judgment against the borrower for the difference between the foreclosure sale amount and the amount remaining on the original loan. The borrower has no rights of redemption.
More information on Washington D.C.'s foreclosure laws.

West Virginia Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 60 days

- Right of Redemption: No

- Deficiency Judgments Allowed: No

In West Virginia, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

The notice of sale must be posted on the front door of the courthouse for the county in which the property to be sold is located, and three (3) other public places, one of which must be the property itself, at least twenty (20) days prior to sale. The notice must also be served upon the borrower and subordinate lien holders at least twenty (20) days prior to the foreclosure sale.

Additionally, the notice must be published as a Class III legal advertisement in the county where the property is located once a week for four (4) weeks.

Said notice must contain the time and place of the foreclosure sale, the names of the parties to the deed, the date of the deed, recording information, a property description and the terms of the sale.
The sale must be held at the time and place stated in the foreclosure notice and completed by public auction to the highest bidder. Unless the deed specifies the terms of sale, the buyer must pay one-third (1/3) of the bid amount in cash at the sale.

Deficiency actions are generally not permitted in West Virginia and there are no rights of redemption.

Wisconsin Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 90 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Yes

In Wisconsin, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. However, in Wisconsin, no sale may be made for one year from the date the judgment is entered unless the lender waives the right to a deficiency, in which case the delay is six months, or two months if the property is abandoned. Sales by consent may be earlier.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

The foreclosure notice must be recorded with the county prior to the time the first notice of foreclosure is published. The notice, which must include the time and place of sale, must be published once a week for six consecutive weeks in a newspaper in the county where the property is located.

The notice must be served upon the borrower in the same manner that civil process in a lawsuit is served. In instances where the borrower can't be found, then the notice shall be posted in a conspicuous spot on the mortgaged premises and served on any occupant.

Said notice must specify the names of the borrower and lender, the date the mortgage was recorded, the amount due at the date of the notice, a property description and the time and place of sale.
The sale must be held at the time and place stated in the foreclosure notice. The winning bidder will receive a certificate of purchase. If necessary, the sale may be postponed.
Unless the foreclosure sale has been confirmed by court order, the borrower has one year (12 months) to redeem the property by paying the amount of the highest bid at the foreclosure sale, plus interest.

Wisconsin law allows a foreclosure sale to be confirmed by court order. If the lender states their intentions in the application for sales confirmation, then they may file a deficiency suit. Otherwise, deficiency suits are not allowed.

Wyoming Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 90 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Yes

In Wyoming, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of
sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

Written notice of intent to foreclose the mortgage by advertisement and sale must be served upon the record owner, and the person in possession of the mortgaged premises (if different than the record owner), by certified mail with return receipt, at least ten (10) days before the first publication of notice of sale.

The notice must be published at least once a week for four (4) consecutive weeks in a newspaper printed in the county where the property is located. If there is no newspaper printed in the county, then the notice must be published in a paper printed in the state and of general circulation in said county.

Said notice must specify the name of the borrower, the lender and the lender's representative, the date of the mortgage and when it was recorded, the amount of the default, a description of the property and the time and place of sale.
The sale must be held at the front door of the courthouse of the county in which the premises to be sold, or some part of them, are situated, between the hours of 9:00 am and 5:00 pm, and must be conducted by the person appointed for that purpose in the mortgage or by the sheriff or deputy sheriff of the county. Anyone may bid, including the lender. The highest bidder will receive a certificate of purchase.

Such sale may be postponed from time to time by inserting a notice as soon as possible in the newspaper in which the original advertisement was published and continuing such publication until the time to which the sale shall be postponed, at the expense of the party requesting such postponement.
The borrower has three (3) months from the date of sale to redeem the property by paying the amount of the purchase price or the amount given or bid if purchased by the execution creditor or by the mortgagee under a mortgage, together with interest at the rate of ten percent (10%) from the date of sale plus the amount of any assessments or taxes and the amount due on any prior lien which the purchaser paid after the purchase, with interest.

Lenders may obtain deficiency judgments in Wyoming.

FORECLOSURE (N-P)

LEXIZSTUFF — Tue, 10 Mar 2009 20:49:12 CDT

Nebraska Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: No

- Primary Security Instruments: Mortgage

- Timeline: Typically 180 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: No

In Nebraska, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale.

In Nebraska, the court may order the entire property to be sold, or just some part of it. The order of sale may be delayed for up to nine (9) months after the judgment if the borrower files a written request for a delay with the clerk of the court within twenty (20) days after the judgment is rendered. Otherwise, the order commanding the sale of the mortgaged property will be given twenty (20) days after the judgment.

The borrower has the right to cure the default at any time while the suit is still pending by paying the delinquent amount owed on the mortgage, as well as any interest and costs that have accrued. However, the court may still enter a decree of foreclosure and sale, which may be enforced if the buyer goes into default on the mortgage again in the future.
The sheriff must give public notice of the time and place of the sale by:

1) posting the notice on the courthouse door; 2) posting the notice in at least five other public places in the county where the property is located; and 3) by advertising the property for sale once a week for a period of four (4) weeks in a newspaper published in the county where the property is located.

The court must confirm the sale after it takes place and once this is occurs, the borrower has no right of redemption.

Nevada Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 120 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Yes

In Nevada, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

The borrower has one year (12 months) after the foreclosure sale to redeem the property if the judicial foreclosure process is used.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

A copy of the notice of default and election to sell must be mailed certified, return receipt requested, to the borrower, at their last known address, on the date the notice is recorded in the county where the property is located. Any additional postings and advertisements must be done in the same manner as for an execution sale in Nevada.

Beginning on the day after the notice of default and election was recorded with the county and mailed to the borrower, the borrower has anywhere from fifteen (15) to thirty five (35) days to cure the default by paying the delinquent amount on the loan. The actual amount of time given is dependent on the date of the original deed of trust.
The owner of the property may stop the foreclosure proceedings by filing an "Intent to Cure" with the Public Trustee's office at least fifteen (15) days prior to the foreclosure sale and then paying the necessary amount to bring the loan current by noon the day before the foreclosure sale is scheduled.
The foreclosure sale itself will be held at the place, the time and on the date stated in the notice of default and election and must be conducted in the same manner as for an execution sale of real property.

Lenders have three (3) months after the sale to try and obtain a deficiency judgment. Borrowers have no rights of redemption.

More information on Nevada foreclosure laws

New Hampshire Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Varies by Process; Typically 60 days

- Right of Redemption: None

- Deficiency Judgments Allowed: Yes

In New Hampshire, lenders may foreclose on a mortgage or deed of trust in default by using either the judicial or non-judicial foreclosure processes or any of the following special methods: Entry under Process, Entry and Publication or Possession and Publication.

Judicial Foreclosure

In New Hampshire, the judicial process of foreclosure is very similar to that of the strict foreclosure process used in other New England states. The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold. Anyone may bid at the foreclosure sale, including the lender.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out in the following phases:
A notice of sale must be recorded in the county where the property is located and then: 1) mailed to the borrower at least twenty-five (25) days before the sale; and 2) published once a week for three (3) weeks, with the first publication appearing not less than twenty (20) days before the sale, in a newspaper of general circulation in the county where the property is located.
The notice should contain the time, date and place of sale, a description of the property and the default, as well as a "warning" to the borrower, informing him the property is going to be sold and what rights he has to stop the procedure.
The foreclosure sale must be held on the property itself, unless the power of sale clause specifies a different location.

Special Methods of Foreclosure

Entry under Process - The lender may foreclose by entering the property under process of law and maintaining actual possession of the property for one year.
Entry and Publication - By peaceable entry onto the property and continued, actual, peaceable possession for a period of one year, and by a publishing a notice stating the time of possession, the lender and borrowers name, the date of the mortgage and a description of the property in a newspaper of general circulation in the county where the property is located. The notice must be published for three (3) successive weeks, with the first publication appearing at least six (6) months before the borrowers right to redeem has expired.
Possession and Publication - By the lender in possession of the property publishing a notice stating that from and after a certain day, the property will be held for default of the mortgage and the borrowers rights to the property will be foreclosed. Said notice must be published in a newspaper printed in the county where the property is located for three (3) successive weeks and must give the borrower and lenders name, the date of the mortgage, a description of the property and the lenders intention to hold possession of the property for at least one (1) year.

Borrowers have no rights of redemption when any of the three (3) special methods of foreclosure are used.

New Jersey Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: No

- Primary Security Instrument: Mortgage

- Timeline: Typically 90 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Yes

In New Jersey, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale.

Once the process begins, a foreclosure notice must be: 1) posted in the county office of the county where the property is located; 2) posted on the property in foreclosure; and 3) published in two (2) newspapers in the county. The lender must also notify the borrower at least ten (10) days prior to the foreclosure sale.

It is possible for the lender to obtain a deficiency judgment and borrowers have a right to redemption and/or objection within ten (10) days after the sale.

New Mexico Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: No

- Primary Security Instruments: Mortgage

- Timeline: Typically 120 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Yes

In New Mexico, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the court then issues a notice of sale.

The notice of sale must contain a legal description of the property and state the place, the time and the date, which must be at least thirty (30) days after the notice of sale is issued, on which the foreclosure sale is to be held. The property will then be sold to the highest bidder on the date specified in the notice.

In most cases, the borrower has up to nine (9) months to redeem the property by paying the amount of the highest bid at the foreclosure sale, plus costs and interest.

Non-judicial foreclosure is only available for commercial and business properties valued at over $500,000.

New York Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 120 days

- Right of Redemption: No

- Deficiency Judgments Allowed: Yes

In New York , lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold by the sheriff of the county or a referee.

Typically the foreclosure sale is advertised for 4 to 6 weeks. The sale is made by public auction to the highest bidder. Anyone may bid, including the lender.

After the property has been sold, the officer conducting the sale must execute a deed to the purchaser. The officer must also pay, out of the proceeds, the amount of the debt, including interest and costs, to the lender and then obtain a receipt for the payment from the lender.

Within thirty days after the completing the sale and executing the deed to the purchaser, the officer must file a report of sale, which must include the receipt from the lender, with the clerk of the court. Unless otherwise ordered by the court, the sale can't be confirmed until three months past the filing of the report of sale.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee.
Although this type of foreclosure is permitted in New York, it is rarely used by lenders.

North Carolina Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 60 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Varies

In North Carolina, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. However, in North Carolina, a preliminary hearing must be held before a power of sale foreclosure can take place.

After the preliminary notices have been issued, the clerk of the court will conduct a hearing to determine whether or not a foreclosure sale may take place. If and when the clerk issues a notice of sale, the foreclosure may proceed as follows:

A notice of sale must be: 1) mailed first class mail to the borrower at least twenty (20) days before the sale; 2) published in a newspaper of general circulation in the county where the property is located once a week for two (2) successive weeks, with the last ad being published not less than ten (10) days before the sale; and 3) posted on the courthouse door for twenty (20) days prior to the foreclosure sale.
Said notice must name the borrowers, the lenders, provide a description of the property and state the date, time and place of sale.
The sale must be conducted at the courthouse in the county where the property is located between the hours of 10:00 am and 4:00 pm. The property will be sold to the highest bidder. Upset bids may be filed with the court clerk for a period of ten (10) days after the foreclosure sale.
The sale may be postponed by announcing the need to postpone at the time and place the regular sale would have taken place. A notice of the postponement, stating the new date and time the foreclosure sale will be held, must be posted on the courthouse door.

Lenders may pursue a deficiency judgment and borrowers retain the right to redemption.

North Carolina Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 60 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Varies

In North Carolina, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. However, in North Carolina, a preliminary hearing must be held before a power of sale foreclosure can take place.

After the preliminary notices have been issued, the clerk of the court will conduct a hearing to determine whether or not a foreclosure sale may take place. If and when the clerk issues a notice of sale, the foreclosure may proceed as follows:

A notice of sale must be: 1) mailed first class mail to the borrower at least twenty (20) days before the sale; 2) published in a newspaper of general circulation in the county where the property is located once a week for two (2) successive weeks, with the last ad being published not less than ten (10) days before the sale; and 3) posted on the courthouse door for twenty (20) days prior to the foreclosure sale.
Said notice must name the borrowers, the lenders, provide a description of the property and state the date, time and place of sale.
The sale must be conducted at the courthouse in the county where the property is located between the hours of 10:00 am and 4:00 pm. The property will be sold to the highest bidder. Upset bids may be filed with the court clerk for a period of ten (10) days after the foreclosure sale.
The sale may be postponed by announcing the need to postpone at the time and place the regular sale would have taken place. A notice of the postponement, stating the new date and time the foreclosure sale will be held, must be posted on the courthouse door.

Lenders may pursue a deficiency judgment and borrowers retain the right to redemption.

North Dakota Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: No

- Primary Security Instrument: Mortgage

- Timeline: Typically 90 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Yes

In North Dakota, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale.

However, in North Dakota, the lender must give the borrower no less than thirty (30) days advance notice of their intent to foreclose. Said notice must be sent registered or certified mail no later than ninety (90) days before the suit is filed and must contain: 1) a description of the real estate; 2) the date and amount of the mortgage; 3) the individual amounts due for principal, interest and taxes paid by the lender; and 4) a statement that a lawsuit will be filed to foreclose if the amount is not paid within thirty (30) days from the date the notice was mailed.

The borrower may stop the foreclosure process by paying the delinquent amount, plus foreclosure costs, prior to the time the sale is confirmed by the court.

All sales in North Dakota must be made by the sheriff or his deputy of the county and in the county where the property is located. The property will be sold to the highest bidder, who will be issued a certificate of sale until the borrowers redemption period has ended. Borrowers typically have a period of one (1) year to redeem the property by paying the balance due on the loan, plus costs, but it may be only six (6) months if the mortgage includes short-term redemption rights.
It is possible to obtain a deficiency judgment against the borrower in North Dakota.

Ohio Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: No

- Primary Security Instrument: Mortgage

- Timeline: Typically 150 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Yes

In Ohio, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court then advertises the property for sale.
At some point prior to the scheduled date of foreclosure, an appraisal of the property must be made by three disinterested freeholders of the county. A copy of the appraised value must be filed with the court clerk and the property must be offered for sale at a price of not less than two-thirds of said value.

The sale may not take place until the notice of sale has been published once a week for three (3) consecutive weeks in a
newspaper of general circulation in the county in which the property is located. The sheriff will conduct the sale at the courthouse and the property will be sold to the highest bidder.

Lender's may obtain a deficiency judgment and the borrower may redeem the property at any time before the court confirms the foreclosure sale by paying the amount of the judgment, plus costs and interest.

Oklahoma Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 90 days

- Right of Redemption: None

- Deficiency Judgments Allowed: Varies

In Oklahoma, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure
process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

However, unless the borrower waives the right to an appraisal in the mortgage, the property must be appraised before it can be sold at foreclosure. At the foreclosure sale, the property may not be sold for less than two-thirds of the appraised value.
A lender may sue to obtain a deficiency judgment, but the action must be taken within ninety (90) days after the date of sale. There can be no redemption once the court confirms the foreclosure sale.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
A written notice of intention to foreclose by power of sale must be sent by certified mail to the borrower at the borrower's last known address. The notice must describe the defaults of the borrower under the loan, and give the borrower thirty five (35) days from the date the notice is sent to cure the problem. If the borrower cures the default within the thirty five (35) days, then the foreclosure can be stopped. However, if there have been three (3) defaults, then the lender need not send another notice of intent to foreclose, and if the borrower has been in default four (4) times in the past twenty four (24) months, and has been notified as above, then no further notice will be required.

The notice must be recorded in the county where the property is located within ten (10) days after the borrower has gone through the thirty five (35) day notice period.
The notice must appear in a newspaper in the county where the property is located once a day for four (4) consecutive weeks, with the first publishing being not less than thirty (30) days before the sale.
Said notice must state the names of the borrower and lender, describe the property (including the street address) and state the time and place of sale.
The property must be sold at public auction to the highest bidder at the time and on the date specified in the notice. If the highest bidder at the sale is anyone other than the borrower, they must post cash or certified funds equal to ten (10) percent of the bid amount. If the highest bidder is unable to do so, then the lender may proceed with the sale and accept the next highest bid.

Oregon Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: Yes

- Primary Security Instruments: Deed of Trust, Mortgage

- Timeline: Typically 180 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Yes

In Oregon, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

In this type of foreclosure, the borrower may redeem the property by paying the purchase price, with interest, the foreclosure costs and the purchaser's expenses in operating and maintaining the property within 180 days after the date of sale. The borrower must file a notice no less than two (2) days and not more than thirty (30) with the sheriff to redeem.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

A notice of default must be recorded in the county where the property is located and the borrower and/or occupant of the property must be served with a copy of the notice at least 120 days before the scheduled foreclosure sale date.
A copy of the notice must be published once a week for four (4) successive weeks, with the last notice being published at least twenty (20) days prior to the foreclosure sale.
Said notice must contain a property description, recording information on the trust deed, a description of the default, the sum owing on the loan, the lender's election to sell and the date, time and place of sale.
The borrower may cure the default at any time prior to foreclosure by paying all past due amounts, plus costs.
The sale must be at auction to the highest bidder for cash. Any person, except the trustee, may bid at the sale, which take place between 9:00 am and 4:00 pm at the location stated in the notice of record.
The sale may be postponed for up to 180 days from the original sale date if at least twenty (20) days advance notice is given, by mail, to the original recipients of the notice.

A deficiency judgment cannot be obtained through a non-judicial foreclosure, but may be pursued when other foreclosure methods are used.

Pennsylvania Foreclosure Law Summary
Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: No

- Primary Security Instrument: Mortgage

- Timeline: Typically 90 days

- Right of Redemption: No

- Deficiency Judgments Allowed: Yes

In Pennsylvania, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

In Pennsylvania, the lender must send a notice of intent to foreclose to the borrower before any foreclosure proceedings may begin.

The notice of intent must be sent, by first class mail, to the borrower, at their last known address and if different, to the property secured by the mortgage. The notice should not be sent until the borrower is at least sixty (60) days behind in their mortgage payments.

In the notice, the lender must make the borrower aware that his or her mortgage is in default and that it is their (the lender's) intention to accelerate the mortgage payments if the borrower does not cure the default within thirty (30) days. This means that the remaining balance of the original mortgage will come due immediately.

If the borrower does not cure the default by paying the past due amount, plus any late charges that have accrued, within the thirty (30) days, the lender may then file a suit to try and obtain a court order to foreclose on the property.

If the court finds in favor of the lender and issues an order of sale, the property will be sold at a Sheriff's sale under the guidelines established by the court. The borrower has the right to cure the default and prevent the sale at any time up to one hour before the Sheriff's foreclosure sale.

Lenders have up to six months after the foreclosure sale to file for a deficiency judgment. Borrowers have no rights of redemption once the foreclosure sale is complete.