Different Types of Foreclosure
Power of Sale
Basically, this type of foreclosure allows the mortgage holder to sell the property without judicial involvement. Once the property is sold, the money is used to pay the mortgage holder and any other lien holders in order of legal priority and any remaining funds are provided to the borrower.
The time frame that is allowed for a strict foreclosure is typically set by the judge. In some cases it might be as short as a few weeks or as long as several months. Borrowers have the option of trying to sell the property in order to pay off their mortgage obligations or they may borrow or obtain enough money to become current on their loans in another manner.
The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.
Additional Foreclosure and Alternatives Articles
- A Homeowner's Rights During Foreclosure
- How To Avoid Foreclosure
- The Mortgage Forgiveness Debt Relief Act of 2007
- Can I Use a Loan Modification Program in Order to Save my Home from Foreclosure?
- Renters Now Protected in Foreclosures
- Foreclosure & Strategic Default (Walking Away)
- What are Credit Counseling Agencies?
- Foreclosure Protection for Victims of Hurricane Sandy
- How Can a Creditor Repossess Property?
- The Foreclosure Timeline
- Defenses to Repossession
- Understanding the Foreclosure Process
- A Plain Language Explanation of Your Options for Avoiding Foreclosure
- Alternatives to Foreclosure
- What to do About Your Mortgage When You're Facing Money Problems
- Bankruptcy or Foreclosure?
- Ten Tips for Avoiding Foreclosure
- Foreclosure Laws in Hawaii
- Foreclosure: An Overview
- How do creditors get paid when foreclosing on a house to satisfy unpaid debts?
- What is acceleration?
- I've fallen on bad times and am having trouble paying my mortgage. What should I do?
- Who is eligible for a short sale under the Making Home Affordable Foreclosure Alternatives Program?
- What can a creditor do if a debtor won't pay?
- What is the Hope for Homeowner's Act?
- What is the Truth In Lending Act?
- What Is a money judgment?
- I'm in foreclosure... can refinancing under FHASecure still help me?
- What is the FHASecure refinancing program?
- Are homeowners with interest only mortgages eligible for an FHASecure refinance?
- What are the requirements for an FHA Streamlined Mortgage Refinance?
- What kinds of streamline refinances do lenders offer?
- What is Judicial Foreclosure?
- What is a Power of Sale Foreclosure?
- What is Strict Foreclosure?
State Foreclosure and Alternatives Articles
- District of Columbia
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina