Lenders can foreclose on deeds of trust or mortgages using a nonjudicial foreclosure process (outside of court) or a judicial foreclosure process (through the courts). Make sure you read the most updated laws. The law on foreclosure is changing often. When a buyer fails to make the payments due on the loan (defaults on the loan) the lender can foreclose, which means that the lender can force a sale of the home to pay for the outstanding loan.įor more information about California foreclosure laws:įoreclosure Process – Civil Code section 2924Foreclosure Consultants – Civil Code section 2945 In all these situations, the lender usually has a lien against the home to secure repayment of the loan. Other times, a homeowner borrows money against the equity in the property after the home is purchased, and this is called a “home equity loan.” Sometimes people refinance their mortgage loan and combine it with a home equity loan. Most people buy a home by borrowing part of the purchase price usually from a bank or a mortgage company.
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