Mortgage Service Most Foreclosures
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How to fill out How To Request A Home Affordable Modification Guide?
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FAQ
Most mortgages have a power of sale clause, so lenders can foreclose without going to court (non-judicial). These are the most common type of foreclosures in California.
A mortgage servicer may not make a first notice or filing for foreclosure until the borrower is more than 120 days delinquent. The 120-day period under the rules is designed to give borrowers time to learn about workout options and file an application for mortgage assistance.
Major reasons for foreclosures are: Job loss or reduction in income. Debt, particularly credit card debt. Medical emergency or illness resulting in a lot of medical debt. Divorce, or death of a spouse or partner who contributed income.
A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult. The homeowner simply requests the total amount owed to the mortgage company to date and pays it.
Judicial Foreclosure This is the most common type of foreclosure. It is allowed in every state and in some states it is required. It involves the sale of the mortgaged property on which the borrower has defaulted on his loan repayment obligations. The sale occurs under judicial supervision.