Stipulation Regarding Foreclosure

State:
Multi-State
Control #:
US-02757BG
Format:
Word; 
Rich Text
Instant download

Description

A stipulation is an agreement made by parties or by their attorneys in a judicial proceeding before the court. Stipulations are often made on procedural matters. Stipulations are also sometimes made regarding factual matters not in dispute in order to save time required in producing evidence in court.


There are two kinds of custody: legal custody and physical custody. Custody battles most often arise in a divorce or separation, requiring a court's determination of which parent, relative or other adult should have physical and/or legal control and responsibility for a minor (child) under 18. When both parents share custody of a child after a divorce it is called joint custody. Joint custody may be either legal or physical custody. Physical custody, designates where the child will actually live, whereas legal custody gives the custodial person(s) the right to make decisions for the child's welfare. Child custody can be decided by a local court in a divorce or if a child, relative, close friend or state agency questions whether one or both parents is unfit, absent, dead, in prison or dangerous to the child's well-being. In such cases custody can be awarded to a grandparent or other relative, a foster parent or an orphanage or other organization or institution. In some jurisdictions, if a child is old enough, their preferences are taken into consideration.


The basic consideration on custody matters is supposed to be the best interests of the child or children. Mental anguish suffered by the child due to visitation or lack thereof is one factor that may be considered in determining a child's best interest. In most cases the non-custodial parent is given visitation rights, which may include weekends, parts of vacations and other occasions. The custody order may be modified if circumstances warrant.

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FAQ

Consider Bankruptcy: Filing for bankruptcy can stop a foreclosure auction. However, bankruptcy should only be considered as a last resort. Sell Your Home: Selling your home may be the best option if you're unable to keep up with your mortgage payments.

The right of foreclosure describes a lender's ability to take possession of a property through a legal process called foreclosure when a homeowner defaults on mortgage payments. The mortgage's terms will outline the conditions under which the lender has the right to foreclose.

The purpose of a foreclosure auction is to get the highest possible price for the property, in order to mitigate the losses a lender suffers when a borrower defaults on a loan. If the sale amount covers the outstanding mortgage debt and various foreclosure costs, then any surplus goes to the borrower.

The most common foreclosure process in Texas is non-judicial, which means the lender can foreclose without going to court, so long as the deed of trust contains a power of sale clause. A power of sale clause is a paragraph in the deed of trust that authorizes the non-judicial foreclosure sale.

Foreclosure Can Take Months or Years Notice of default: The lender typically issues a notice of default, indicating its intention to foreclose, when the loan becomes 90 days past due. Typically, the notice indicates legal foreclosure will begin in 90 days unless the borrower brings their payments up to date.

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Stipulation Regarding Foreclosure