About Foreclosure Law

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How Can the Government Help You Stop Foreclosure?....5

All 50 states have their own versions of foreclosure law, but they generally state that a lender will sure someone to foreclose on their property if a debt is not paid. Learn about judicial sales designed to make sure that sales are held in accordance with a state's laws with help from a civil mediator in this free video on foreclosure law.

Part of the Video Series: Foreclosure Help
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Video Transcript

You are suddenly experiencing difficulty in making your mortgage payment and you hear the term foreclosure and you want to know, what is this all about, foreclosure? Hello, I'm Robert Todd and I'm here to answer the question "What is foreclosure law?" Well, first of all you want to make sure that you know what the foreclosure law is in, what it is in your particular state. All fifty states have their own respective versions of foreclosure law, so you want to check out your particular state. But, generally foreclosure has to do with the lender who has loaned you money with your house or real estate as collateral wanting to collect on that debt to satisfy that debt if you're not paying that debt. And generally what's going to happen if you don't pay your mortgage payments on time, the lender is going to sue you to foreclose on the property. And this probably is going to be through some type of judicial sale. The judicial sale is designed to monitor and make sure that the sale is held in accordance with your particular state's laws. But, the idea is from the sale, the lender will hopefully receive sufficient funds to satisfy the debt. If they don't, there will be a deficiency judgment entered against you for the amount that was not satisfied. I'm Robert Todd and thank you for watching.

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