Foreclosure is a process that many homeowners fear, especially in today’s economy. In the United States , there are two types of foreclosure in most states described by common law Using a ” deed in lieu of foreclosure ,” or ” strict foreclosure “, the noteholder claims the title and possession of the property back in full satisfaction of a debt, usually on contract.
Also, keep in mind that prior to the foreclosure sale you might be able to delay the foreclosure and extend the amount of time that you can remain in your home by applying for loss mitigation options or entering into in an official foreclosure avoidance mediation program if your state has one.
The company that takes over your loan must send you a notice within 30 days of acquiring it. Even with a new loan owner, the company that “services” or handles your loan might not change and you might continue to send your payments to the same address.
This partnership allows the Dakota County CDA and other non-profit foreclosure counselors across the state to involve Fannie Mae, the loan owner that also known as the investor, in the loan mortgage workout process at the outset of a request for help.
If either the lender or the borrower appeals the clerk of superior court’s decision, there will be a new hearing before a district or superior court judge, who will decide whether the trustee or substitute trustee is entitled to proceed with the foreclosure.