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Foreclosure Defense: Legal Terms You Should Know

Foreclosure refers to a legal process when a financial institution or lender initiates legal action against the borrower in order to recover the unpaid amount of mortgage loan. This legal action usually takes place after the mortgagor (or lendee) has stopped making payments as per their loan arrangement. The objective of foreclosure is to sell the property, which was offered as collateral for the mortgage. If you are facing foreclosure, it can be extremely beneficial for your case to hire an experienced foreclosure defense lawyer. It is critic...

How Can A Short Sale Save Your Credit Score?

A short sale is an arrangement when a homeowner, who is facing a financial crisis, is having difficulty keeping up with their mortgage payments. As an alternative to agreeing with the mortgage company or another lending institution to foreclose on their home, an individual can instead apply for permission to sell their house for less than its market value. Typically, the lender will then discharge the remaining amount. A short sale allows both the lender and the homeowner to avoid a foreclosure which can prove to be quite costly for both partie...

All You Need to Know about a Real Estate Lien

When it comes to purchasing a home, the difficult real estate terminologies can often confuse many people who are looking to buy a house, making the process more complicated and complex. Though a person may hire a realtor and a real estate lawyer to protect their interests, it is important that they familiarize themselves with the basics. One of the terms which mostly puzzles the buyers is ‘lien’. What is Lien? A Lien is a claim that an individual or entity has on a residential property with respect to the unpaid bills of the homeowner. Whe...

Foreclosure Defense: An Overview

Most people do not possess enough money to buy a house with cash, thus they opt for a mortgage to purchase a house by making monthly payments over several years. However, over time, there can be a change in circumstances; excessive debt and financial difficulties may render them unable to make their monthly mortgage payments. In such cases, the lending financial institution may decide to initiate foreclosure to recover the balance. Facts available on Federal Deposit Insurance Corporation’s website shows that 250,000 new families enter into fo...

Should I Hire A Real Estate Lawyer for a Short Sale?

A short sale is an arrangement where the proceeds obtained from selling the house are lesser than the amount owed to the mortgage lender. Short sales usually take place when a homeowner is delinquent on their mortgage payments and wants to avoid foreclosure against them. Sale proceeds, which are usually lower than the amount owed, go to the mortgage company and in return, the lender lifts their notice of deficiency, releasing homebuyer from any obligation. If you find yourself in a difficult financial situation and are looking to initiate a sho...

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