Foreclosure Laws

Title 60 of the Oklahoma State Statutes establishes several laws that govern land holdings in the state, and some of the most referenced state laws involve those which involve property lines. When two…

Often, if a homebuyer does not qualify for traditional lending, he may be able to purchase a home using a private contract home mortgage. In these contracts, the seller keeps the deed to the property…

Going through the foreclosure process can be stressful in and of itself. Finding out that you may still owe the lender money after foreclosure, known as a deficiency judgment, only adds to the stress.…

If you are facing foreclosure in Michigan, be aware that, typically, the lender can pursue you for a deficiency judgment after the foreclosure. To receive a deficiency judgment, the lender will take…

A foreclosure occurs when a mortgagor, or mortgage holder, defaults on the loan associated with a piece of property and the property owner, usually the lender, seeks to legally reclaim that property.…

When a loved one dies, family members are left to pay funeral and burial expenses, which can be costly. In cases where the family is unable to afford the cost, Ohio law allows the person who pays the…

Land contracts permit a seller to finance a buyer directly by loaning the buyer the amount of money it costs to purchase the home, while keeping the title in his own name as collateral. If the buyer…

When you get behind in your mortgage payments and can't find a way to meet your obligations, your property may be foreclosed on by the bank. Once your rights to the property are taken, the property…

Property lines aren't usually visible unless you or your neighbor has a fence. Even then, the fence may be in the wrong place. Property line disputes are common, and the law regarding these issues…

The superiority of a lien can determine if a creditor receives payment. A lien is a charge against property held by a creditor. When a debtor fails to pay a creditor, the lien makes it possible for…

A contract for deed, also known as an installment land contract, is an arrangement that allows the sale of real estate to proceed with owner financing. Minnesota contract for deed law is based on…

State laws govern the legal requirements of property conveyances. A deed is a written legal document that allows one party to transfer ownership to another party. In Kansas, the register of deeds for…

If you're renting a house in Wisconsin, you can be evicted from that home regardless of who owns the home or who is your landlord. All evictions in Wisconsin have to comply with the state's eviction…

The concept of redemption is used in the United States regarding the process of foreclosure. In certain states, a borrower who loses a property through foreclosure at auction is entitled to buy back…

Coping with the death of a parent is more difficult if you face additional stresses, such as claims for medical costs. Generally, unless you signed an agreement to be liable for your parents' medical…

Each state and mortgage company has a different foreclosure process. The differences may include the notices that must be posted or mailed, redemption periods and the notices that must be sent before…

The right of redemption is an important legal protection provided to mortgage borrowers, or mortgagors, who may be facing foreclosure. Redemption allows the mortgage borrower to avoid foreclosure by…

Florida statutes governing condominiums impose certain rules and procedures on condo owners' associations regarding collecting past due fees and assessments from a new owner of a condo unit. While the…

You need to take legal action to recover your property if someone is not paying you on a land contract. If the buyer is in default of the land contract agreement, you can start foreclosure proceedings…

Contracts for deed are a way to buy a house without a mortgage. Instead of borrowing from a bank, you sign a contract to pay the seller a monthly installment on the purchase price, plus interest. The…

Most homeowners do not have the cash upfront to pay for a house, so they take out a mortgage for 15 to 30 years and pay the mortgage over time. If the homeowner defaults on the mortgage, he can lose…

Right of redemption is a part of the foreclosure process that is viewed differently depending upon the state. Alabama is one that has seen fit to recognize the right of redemption, though it limits…

Liens represent claims on assets by creditors. If you have a secured loan or a mortgage, it is backed by a right to lien the property financed. A lien can result in foreclosure if the terms of the…

When moving out of a home in foreclosure, it is important to understand what items you are allowed to remove from the property. Items you consider personal property may actually be classified as…

The foreclosure process in the United States is regulated by state law. The process followed by the foreclosing bank, lender or servicer is either judicial, meaning occurring in court, or nonjudicial.…

Foreclosures in the United States are undertaken in one of two ways: by judicial foreclosure or nonjudicial foreclosure. Some states mandate which of the two processes must be used within the state.…

According to the Virginia Department of Housing and Community Development, the rate of foreclosures in Virginia reached a peak at the end of 2009 and has since declined. Virginia homeowners faced with…

The general foreclosure procedure is similar no matter where the property is located, but that is not to say there are no differences. In some states the lender files the foreclosure action as an…

State laws govern how foreclosures are processed on homes and properties within its boundaries. These laws dictate how the lender must execute foreclosure, when notices must be delivered to the…

Various federal laws have been enacted to protect consumers when applying for and using credit accounts. These laws give consumers the right to receive credit document disclosures as well as the right…

The right of redemption is a homeowner's final opportunity to regain ownership of the home during the foreclosure process. In some states, the right of redemption extends the amount of time a…

Banks are not generally anxious to carry out foreclosure because most foreclosing lenders do not recover enough money to make it financially enticing. The costs and fees associated with foreclosure…

The Federal Trade Commission supports fair trade and financial transactions in the U.S. The commission also regulates and enforces laws regarding consumer credit reporting, working to protect…

If you are a Wisconsin homeowner struggling to make your mortgage payment, you may be concerned about the foreclosure process and your rights. Foreclosure is scary and complicated. In Wisconsin, a…

From a homeowner's perspective, foreclosure is a time of financial distress. The emotional strain of falling behind on your payments and losing your home can be devastating. However, for a lender,…

Landlords and tenants in Utah need to be aware that state law imposes specific restrictions and requirements when a landlord seeks to evict a tenant. The state's eviction process is covered under…

When you borrow funds using a property as a guarantee of payment, the lender has a lien on the property. This means that the lender can take possession of the property and sell it in case you fail to…

A lien acts a claim upon the title of real property that an organization holds as collateral until a debtor pays off his obligations. If a debtor refuses to fulfill his contracts, a court can order…

You may not want to think about how your estate will be divided after your death, but as you age and your wealth accumulates, you must consider this question. State law dictates what happens to your…

When you fall behind on your mortgage payments, your lender may have no choice but to foreclose on your home. In the initial stages of the foreclosure process, your lender goes to the court and files…

In New York, the bank can initiate foreclosure proceedings after two to three months of missed payments. Lenders can foreclose on deeds, trusts or mortgages that are in default using a judicial or…

Federal law creates the framework and state law works out the details for foreclosure in individual states. Federal laws provide protection when Congress decides the need exists. Congress has enacted…

Illinois has several sets of state and federal laws that directly impact residents' credit-related rights. The most prevalent law governing credit-related transactions in the state is the federal Fair…

You work hard to achieve the dream of owning a home. Unfortunately, unexpected circumstances can lead to a financial hardship leaving you unable to afford your mortgage payments. If you are a West…

Property taxes are assessed at state, county and local levels in order to fund public projects. Failure to pay property taxes can result in costly fines or the loss of your property through a tax…

Foreclosure proceedings in Virginia may be either judicial or non-judicial. As the names imply, judicial foreclosure involves court oversight while non-judicial foreclosure does not. Judicial…

Texas residents may be subject to more than 60 types of taxes, but residents do not pay income taxes on their earnings. Texas is a state that does not collect income taxes from residents. When…

A homeowner's journey through the foreclosure process doesn't end when the home is auctioned off and the gavel drops. Depending on the laws in his state, a homeowner may have to wade through legal…

In Nevada, lenders can foreclose on deeds, trusts or mortgages that are in default, using a judicial or nonjudicial foreclosure process. The foreclosure time frame is approximately 120 days from your…

Congress passed new foreclosure laws giving tenants limited protection during a pending foreclosure. The new law expires on December 31, 2012. New buyers must honor any existing lease agreements until…

While a foreclosure can cause you to lose your house, this does not have to be the last part of the process. The right of redemption provides you with the opportunity to get your house back even after…

Foreclosures are undertaken in the United States by either a judicial or nonjudicial process, which is specified in state law. In Illinois, foreclosures can only be pursued through the judicial…

Montana homeowners who are facing foreclosure or who are concerned about the possibility of foreclosure should understand their rights under the state's foreclosure laws. A typical Montana foreclosure…

A mortgage agreement obligates the homeowner to pay a certain amount per month until the home loan is paid off, which usually takes 15 to 30 years depending on the mortgage terms. If a homeowner fails…

In the United States, individual states exercise the power to regulate property foreclosures. States can operate as lien theory or title theory, regarding mortgage loans. Oregon is a title theory…

The foreclosure process in Virginia is based on the title theory of property ownership. This theory holds that any property that is secured by a mortgage loan remains the property of the lending agent…

Foreclosure in Delaware can take up to six or seven months. Unlike some states, Delaware mortgage lenders need a judge's permission to take your house, and the state court's foreclosure process cannot…

A foreclosure may occur when the borrower of a mortgage loan is unable to meet the payments as mandated by the mortgage contract. This gives the lending agent the right to reclaim the property for…

A foreclosure may occur when the borrower of a mortgage loan is unable to meet the financial obligations specified in the mortgage contract. At this point, the lending agent has the right to seize the…

The state of California has one of the highest foreclosure rates in the nation with a total of 65,915 homes, or one in every 203 homes in state, in some stage of foreclosure as of December 2010,…

For some Arizona homeowners, a foreclosure sale does not necessarily mean the home is gone for good. If you are eligible to redeem the property and can gather adequate funding within the redemption…

A foreclosure may occur when the borrower is unable to meet the financial obligations undertaken through the mortgage contract. At that point, the lending agent has the right to reclaim the property…

No matter how far behind you are on the mortgage, you still have rights. Your lender can't just send someone to throw you out of your house. Foreclosure is a legal process and has to be carried out in…

If a debtor fails to pay his mortgage, the lender has the right to foreclose on the mortgage. Foreclosure involves suing not only the debtor, but all other persons who have an interest in the…

A right of redemption provides the homeowner the opportunity to purchase back his home after a foreclosure. Borrowers who want to redeem their homes must be able to pay the entire loan balance plus…

Many homeowners think the final step in a foreclosure procedure is the auction. In many states, this is not the case. Some homeowners have the right to redeem their property. Redemption rights vary…

In Illinois, foreclosure laws are shaped by the lien theory, which states that the property is security for the loan transaction. In this case, the property is held in the borrower's name. This…

When a borrower is unable to meet the financial terms of a mortgage contract, the lender has the right to reclaim the property for auction to the highest bidder. This is referred to as a foreclosure…

Foreclosure is the process used by a lender to reclaim property when the borrower is unable to maintain the payments specified in the mortgage contract. The foreclosure process typically requires…

Wisconsin laws allow landlords to evict tenants after providing notice of eviction. Landlords may evict tenants during the winter season unless the landlord and tenant enter into a private written…

Foreclosure is the process through which a lender goes to repossess a property when agreed-upon mortgage payments haven't been made. The state of Oregon has passed laws to assist homeowners who are in…

Redemption is the right to buy back your home after your lender forecloses on it. In some states, the law guarantees you a right of redemption; others allow it only under specific circumstances and…

Returning a sick puppy or asking for your money back isn't quite the same as returning defective merchandise. Once you welcome a puppy into your home and family, you may not want to return it. Puppy…

According to foreclosure data provided by RealtyTrac, Nevada has the highest foreclosure rate in the United States and continues to lead the country in foreclosure activity monthly. Foreclosure…

Utah law provides for two very different foreclosure processes. The first process, called judicial foreclosure, involves a state judge overseeing and directing the process. The other process, called…

Mortgages secure real estate loans in Ohio. Lenders use the judicial foreclosure process. If the lender's court case prevails, the foreclosure proceeds. Ohio's foreclosure process takes an average of…

In Washington State, a person whose home has been foreclosed upon has a right of redemption pursuant to the Revised Code of Washington. Many mortgage lenders allow people in default to stop the…

The foreclosure process in every state requires lenders to comply with specific procedures and rules. Ohio's foreclosure laws require lenders to file suit against the homeowner, a process known as…

Several federal laws protect the rights of debtors in the United States when it comes to debt collection, credit applications and credit reporting information. These protections empower debtors to…

Borrowers who default on the terms of their mortgages run the risk of having their lenders foreclose on the property. Each state has laws that govern the foreclosure process. These laws are often…

Delaware law gives landlords the right to seek an eviction even in some situations that are not covered by the terms of the lease agreement. A tenant who fails to show up to an eviction hearing in…

Rental properties in Denver come under the authority of the Denver County court system. State law prevents a landlord from physically forcing an eviction or changing the locks under any circumstances.…

Washington, DC eviction cases are heard by the Landlord and Tenant Court. This body also hears cases involving squatters and other occupants of a house who did not have a lease to begin with. The…

Nebraska operates a system by which the amount of notice a landlord must give a tenant before seeking eviction varies depending on the reason for the eviction. If the tenant fails to comply with the…

Landlords can take possession of a rental property after following the Utah eviction process. The property owner cannot use self-help measures such as locking tenants out or cutting off utilities to…

The eviction laws in Idaho provide property owners with a legal method to remove tenants who violate a lease agreement or fail to pay rent. Landlords in Idaho must follow the process when removing a…

Virginia foreclosure rules are in place to provide lenders with a set of procedures to follow when a borrower enters into default on a mortgage or deed of trust. The foreclosure process moves quickly,…

West Virginia foreclosure laws detail the procedures a lender is required to follow when seeking to repossess a home from a defaulted borrower. These laws provide some recourse for a borrower to repay…

Utah and federal law can both be important in a foreclosure and eviction procedure. Federal law provides certain protections for renters in a foreclosure home, while Utah law dictates the procedures…

If your lender recently seized your Louisiana home for nonpayment, foreclosure may not be the end of the story. Your home's value and your mortgage loan's outstanding balance determine whether or not…

Foreclosure is a legal process initiated by mortgage lenders to terminate the rights and/or access of property owners or borrowers in relation to real property. Lenders instigate foreclosure…

When an individual neglects an unsecured debt to a third party, that creditor has the option to record a lien against the debtor's home. State laws vary regarding the procedure creditors must follow…

Texas is known as the "fastest" foreclosure state, as foreclosures in Texas can be completed in as little as 21 days. This can mean quick turnover for lenders when reselling foreclosed properties.

In a limited liability corporation (LLC), the stakeholders or the business share an interest in a property used either for investment or as an operational headquarters. If an LLC fails to meet its…

The State of Illinois operates under the lien theory law as far as foreclosures on a contract for deeds are concerned. The difference between a lien theory and a title theory jurisdiction is…

Wisconsin foreclosure law is lien-based, which means that your property is what secures a loan. Your mortgage documents list your lender as the entity who can take the property in the event you…

Foreclosure is the act by which a mortgage holder forces the sale of a home or property to satisfy a debt. Florida is a mortgage state with a judicial process that requires the involvement of the…

The right to redemption laws allow former borrowers to reclaim their property after it has been foreclosed. The type of mortgage you have will determine if you can exercise this right.

Foreclosure is the process by which a mortgage lender redeems a property from a delinquent borrower. In Montana, a delinquent borrower may not be evicted from a foreclosed house until the property is…

If you reside in New York state and are facing the possibility of foreclosure upon your home, you have rights under the New York Foreclosure Law. Certain notices and time lines must be provided for…

According to the Nevada Department of Business & Industry, a loan issued by a lender for an individual to buy a property goes into default when the monthly payments to repay the loan are not made to…

Purchasing a home is a big decision and when you fall behind on payments, you risk the bank foreclosing on your property. There are many laws associated with foreclosures that are designed to protect…

Texas is often referred to as one of the fastest foreclosure states in the nation. Since Texas offers lenders the option for non-judicial foreclosures administered by trustees and a 21 to 60 day…

According to The Electric Law Library, a lien is defined as: "The right to retain the lawful possession of the property of another until the owner fulfills a legal duty to the person holding the…

Illinois law only permits judicial foreclosures, meaning that a lender must file a complaint in the circuit court against a borrower. Foreclosures in Illinois typically take from about 210 days to one…

Most foreclosures in Oklahoma are non-judicial foreclosures, though judicial foreclosures may be used. Properties in Oklahoma can be foreclosed quickly and can be complete in about 90 days. Trustees…

Failure to pay property taxes in Texas, as in most other states, can result in the foreclosure of your home. Most of the rules detailing the foreclosure process can be found in the Texas Local…

Foreclosure is a reality for a great many people in the state of Texas, as it is in every other state in the union. Foreclosure will allow banks to take the home of someone who owes money to them for…

Once you are late with a payment or payments, a lender can file suit against you. He will produce a certified copy of the mortgage and the original note in court because that is the only way a lender…

Missouri foreclosure laws set the standards by which a mortgage holder can take possession of a Missouri home in the event of a loan default. Understanding how a foreclosure works can help make a…

If you fail to make your mortgage payments, the bank will eventually foreclose on your home. When your home is foreclosed, it is sold in auction to the highest bidder. If this goes well, the bidding…

In the State of Texas consumers have the option, when their property is in danger of foreclosure, of voluntarily surrendering their property, as opposed to having it forcibly repossessed by the…

Stopping foreclosure in the last few days before the auction can be difficult, but it is not impossible. Homeowners who wait until the last minute might not have the best options, but they do have…

Foreclosure is a financially and emotionally difficult process. It can ruin a credit score and break apart relationships and families. There are a number of laws that govern the process of…

In an attempt to reduce the amount of foreclosures in Michigan, the legislature has passed a new law to help homeowners keep their home. The law goes into effect on July 5th, 2009 and ends on July…

Foreclosure is that terrifying word no homeowner ever wants to hear, let alone experience. However, it is the reality for some no matter how hard they try to avoid the situation. Everything from the…

It is no mystery that foreclosures are sky-rocketing in the United States as quickly as the gas prices. Each state has its own foreclosure laws, and it is important for residents to have a clear…