Judicial foreclosure exists in nearly every state in the United States. Generally, a lender initiates a foreclosure action when the property owner/borrower has failed to make mortgage payments. In a judicial foreclosure, the lender must go through the court system, filing a complaint and serving the borrower. In most states, the court will then either find for the borrower or for the lender. If the court finds that the borrower has indeed defaulted on his or her loan a judgement will be entered for the lender. The lender can then hold a sheriff’s sale of the property in order to … Read More
Foreclosure, foreclosure, foreclosure! It seems that no matter who you are or where you live, foreclosures have become a part of our everyday landscape. In the fallout of bad loans and a deepening economic crisis, an unprecedented amount of Americans now face losing their homes to foreclosure. We see it in newspapers, hear it on the news, and see signs in our neighborhoods. Despite the election of a new President and the intiation of new plans to save homes, foreclosures are still on the rise.