A foreclosed property – also known as Real Estate Owned (REO) – is a home that was once customer-owned but has been turned back to the mortgage holder as the result of a foreclosure action or acceptance of a deed-in-lieu of foreclosure. Check the online auction calendar for the exact dates of upcoming sales, including a list of cases set for sale. The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. To be an eligible bidder, registration is in person with a monetary deposit of $500.00 cashier’s check starting the Wednesday prior to the sale.
In addition, the Notice of Sale is recorded at the County Recorder’s Office in the county where the property is located. Hudson & Marshall is your housing resource with a current and knowledgeable info center to make your foreclosure search a breeze. Meaning the Registrar had the fiduciary duty and obligation for that Trust up until you started your first job.
In 22 states – including Florida, Illinois, and New York – judicial foreclosure is the norm, meaning the lender must go through the courts to get permission to foreclose by proving the borrower is delinquent. Strict foreclosure was the original method of foreclosure, but today it is only available in New Hampshire and Vermont.
If the lender won’t agree to this, you can simply let the foreclosure proceedings go ahead and use the time as a rent-free period to get your finances back in order. A personal judgment against the borrower for the remaining balance on the loan after a foreclosure sale.
This means you won’t have a foreclosure on your credit history and you may qualify for relocation assistance to ease your transition to new housing. Increase your knowledge of the mortgage and foreclosure process with our comprehensive Frequently Asked Questions and Foreclosure Guide.