foreclosure

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foreclosure

The depriving of the right to a property by legal transfer of title, esp. because of failure to maintain mortgage payments.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
References in periodicals archive ?
18, 2014) --The basis of the claims was scope of authority of FDFC to assess and judicial foreclosure. Oral argument was held on May 7, 2015, and the court affirmed the final judgment, but with remand to remove judicial foreclosure.
The statute did not limit the lender's ability to seek a full deficiency judgment if it agreed to forego the nonjudicial foreclosure process and use the state's alternative judicial foreclosure procedures instead.
Nonjudicial foreclosures typically are less costly to the lender than judicial foreclosures. The judicial foreclosure takes five months longer, on average, and imposes additional transactions costs (Pence).
Similarly, 44 percent of the national risk-in-force has been allocated to states which employ a judicial foreclosure. Losses as a result of this provision are estimated at $26 million annually ($40 billion X .44 X .001463).
If the borrower does not immediately pay the entire principal balance of an accelerated mortgage loan, then the lender may foreclose upon the mortgage loan, recovering up to the entire loan value from proceeds of the judicial foreclosure sale.
(48) If the trustee can be relied upon to make this determination--much like the judge in a judicial foreclosure--then as with judicial foreclosure, the existence of a recorded assignment or chain of assignments should be unnecessary to future title examiners.
The Good: Dennis Milligan, the Saline County circuit clerk who decided to refuse money that an ancient Arkansas law allows him to collect, a fee of one-tenth of 1 percent of each judicial foreclosure sale price when, as the statewide daily noted, the clerks serve as commissioners at a property auction.
In the third quarter, the Miami-Fort Lauderdale-Pompano Beach market led the nation in foreclosure filing activity, with 58,624, due in part to Florida's nature as a judicial foreclosure state.
Similarly, if the costs of servicing a delinquent loan are higher in judicial foreclosure states with long timelines, some originators will charge still higher mortgage rates in these states.

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