When buying a house, try checking out the foreclosure listing of your local bank. Great discounts – As the repossessed houses for sale are mostly bank owned homes and government foreclosures they become a liability to them so much so that the banks usually give an additional discount on the already low priced property in order dispose of the properties.
4 Therefore, through the process of foreclosure, the lender seeks to immediately terminate the equitable right of redemption and take both legal and equitable title to the property in fee simple 5 Other lien holders can also foreclose the owner’s right of redemption for other debts, such as for overdue taxes, unpaid contractors’ bills or overdue homeowner association dues or assessments.
The first judgment, for the foreclosure, was a waste of their time, since they just got stuck with a property that may be worth far less than what they had loaned on it, and many homeowners face foreclosure because of a financial hardship that seriously alters their income.
Normally, there is language in a real estate contract that says a home has to be in substantially the same condition as when it was viewed, but a Schedule A takes away the responsibility of the lender when it comes to the condition of the home upon possession.
Lenders may also accelerate a loan if there is a transfer clause, obligating the mortgagor to notify the lender of any transfer, whether; a lease-option, lease-hold of 3 years or more, land contracts, agreement for deed, transfer of title or interest in the property.