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Difference between revisions of "Foreclosure"
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Drew Jackson (talk | contribs) m (Drew Jackson moved page Foreclosure (Script 415) to Foreclosure (No. 415): align with new Dial-A-Law website) |
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{{ | {{REVIEWEDPLS | reviewer = [https://www.ganapathico.com/our-team/nathan-ganapathi/ Nathan Ganapathi] and [https://www.ganapathico.com/our-team/anna-kurt/ Anna Kurt], Ganapathi Law Group|date= October 2017}} {{Dial-A-Law TOC|expanded = home}} | ||
{{Dial-A-Law TOC|expanded = | |||
If you default on your mortgage, the lender can go to court to take the property you mortgaged or sell it to pay the debt. This process is called “foreclosure”. | If you default on your mortgage, the lender can go to court to take the property you mortgaged or sell it to pay the debt. This process is called “foreclosure”. | ||
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After foreclosure proceedings, any mortgages or charges registered ''before'' the lender’s mortgage continue and are still valid. However, any that were registered ''after'' the lender’s mortgage are cancelled. The holders of those charges lose their security. For example, if you have two mortgages on your home, and the first lender forecloses, the second lender will have to pay off the first lender or lose its security. Then the second lender would have to try to get you to pay its loss. | After foreclosure proceedings, any mortgages or charges registered ''before'' the lender’s mortgage continue and are still valid. However, any that were registered ''after'' the lender’s mortgage are cancelled. The holders of those charges lose their security. For example, if you have two mortgages on your home, and the first lender forecloses, the second lender will have to pay off the first lender or lose its security. Then the second lender would have to try to get you to pay its loss. | ||
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