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Foreclosure
Foreclosure is a legal process by which a lender (sometimes referred to as the "mortgagee") seeks to collect a debt by taking property that secures the debt. The property is usually real estate - house, land, or some other item that is permanently affixed to the land, i.e. a house trailer. In the most common foreclosure, a lender - usually a bank - holds a mortgage on the borrower's residence. The borrower has defaulted, i.e. failed to pay the lender what is owed.
The lender then files a foreclosure action in court and asks the court to either give the property to the lender or to sell the property and pay the lender out of the sale proceeds. If you need assistance in a foreclosure, fill out our Free Case Evaluation Form.
Top Foreclosure Sites
Herrrick, Feinstein LLP
Our real estate litigation practice is virtually unparalleled, because it is linked to the strength of the firm`s transactional real estate department. |
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