Types of foreclosure

Mortgages are usually entitled to payments associated with the start is usually some time later, standard mortgage, occurs within the period stipulated in the documents. The United States, Canada and many other countries for a variety of foreclosure. The United States, two of them, namely, auction and sale is capable of widespread, but it is also possible for other types of devices, different countries.

Sale, better known as judicial seizure conclusion reached by each country (much) apply to the Court under the supervision of mortgaged property sale is profit, you must first convince the holders of the mortgage and other acquisition; and, finally, to accept the virtues/borrower. Under this system, the lender foreclosure action against the debtor. Most other parties must be informed of the acts, but the closure of country reporting requirements. Exchange (usually short) written statements, State or local court, the Court shall communicate the decision. In exceptional cases, the federal courts to close the files.

Before the sale, also known as extrajudicial, in many countries, a trust, an act of exclusion, this provision, like the power of the actual mortgages, the purchase or sale. In some States, California, for example, those members that nearly all mortgages are called trust really works. This process includes the right, without prejudice to legal proceedings (see the following figure), the holder of the assets. This process is usually much faster and cheaper than the conclusion of the auction. If a judicial mortgage or other lien on the auction, the sale of the first and the second holder of the holders.

Other types of exclusion shall be deemed to make it easier. After the serious deterioration, which are available in several States, including Connecticut, New Hampshire, Vermont, and the mortgage lender if it is successful, the Court ordered that he argues is a virtue to repay the loan in advance. If you are not the owner of the loan may be a virtue name without the obligation to sell. This type of decay is typically only available on the value of a property is less than the debt ("water"). Purchase before the conclusion of the original method.