Welcome to Mortgage Foreclosure Guide
Mortgage Foreclosure Cause Statistics Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Mortgage Foreclosure Sale
from:A mortgage foreclosure sale is a sale in which a homeowner’s home is sold because it was foreclosed or repossessed because the loan was in default. Unfortunately, today many homes are being repossessed due to loans that are not being paid as promised at the time of loan closing. The state of the economy, rising interest rates and the high cost of homes are being attributed to the large number of homes that are winding up in a mortgage foreclosure sale.
When a mortgage goes into default, it’s because the borrower has not made their payments as required. The bank or lender will usually not start foreclosure proceedings until 3 consecutive payments have been missed. Even then, the bank usually will try to contact the lender to make some sort of payment arrangements or see what the problem is. A bank usually doesn’t want to have to deal with a mortgage foreclosure sale anymore than the borrower does. A mortgage foreclosure sale involves a lot of paperwork, time and legal costs. Banks also do not want a REO (Real Estate Owned) on their books, as they usually lose money as well. In addition, the borrower not only loses their home but will have a poor credit rating for a few years after they’ve lost a home to a mortgage foreclosure sale.
There are a couple different types of mortgage foreclosures, depending on your state of residence. A judicial foreclosure or foreclosure by judicial sale, although only required in certain states, is available in all the states. This type of mortgage foreclosure sale involves having the property sold under the supervision of a court. The proceeds of the sale will go to pay off the mortgage first, then to any other lien holder and then the borrower, if there’s any money left. In this type of foreclosure sale, all parties must be notified of the sale.
Another type of foreclosure is foreclosure by power of sale. This type will usually be specified on the mortgage documents. In this type, the mortgage holder (bank or lender) can sell the property without first going to court. It’s quicker than the judicial sale, but the money is distributed in the same manner.
Strict foreclosure is a type of mortgage foreclosure sale that is available in only a few states. The borrower has a legal suit brought against him demanding that the mortgage be paid within a certain amount of time. If the borrower fails to do this, the mortgage holder gets title to the property and can do whatever they want with it, with no obligation to sell if they choose not to sell. Strict foreclosure was the first and original type of mortgage foreclosure.
Mortgage Foreclosure Cause Statistics Specific links
Mortgage Foreclosure Cause Statistics News
2012 1st Quarter Chicagoland Foreclosure Statistics
Based on numbers released by The Illinois Foreclosure Listing Service for 2012, month after month foreclosures have been steadily rising each month throughout the six counties of Cook, Will, Kane, Lake, McHenry, and DuPage. The total home foreclosures in January for the combined counties were 5,138. In February, the total number jumped to 6168 - almost a 20% increase from January.Chicago, IL ...
Read more...USTBond Tower of Babel Teeters
The Biblical story is told of a tower built ever higher in order to achieve contact with the heavens, lest they be scattered upon the earth. They were scattered when the tower fell. Fast forward to today, where the earth has a multitude of tribes, languages, and several major alphabets.
Read more...1st Mariner Bancorp Reports First Quarter 2012 Results
BALTIMORE, April 25, 2012 /PRNewswire/ -- 1st Mariner Bancorp (FMAR.OB), parent company of 1st Mariner Bank, reported net income of $1.8 million for the first quarter of 2012, compared to a net loss ...
Read more...WSFS Announces Selected Asset Strategies and Updated Earnings for 1Q 2012
WILMINGTON, Del. -- WSFS Financial Corporation , the parent company of WSFS Bank, announced today the implementation of selected asset strategies and an update to its reported earnings for the quarter ...
Read more...WSFS Reports 1st Quarter 2012 Results; EPS Improves 85% Over 1st Quarter 2011
WILMINGTON, Del. -- WSFS Financial Corporation , the parent company of WSFS Bank, reported net income of $7.2 million, or $0.74 per diluted common share, for the first quarter of 2012 compared to net income ...
Read more...