What is the definition of mortgage foreclosure?

Answer A mortgage foreclosure occurs when a lender takes legal possession of a property because a borrower has become delinquent in his mortgage payments. It is the option of last resort for most lenders.... Read More »

Top Q&A For: What is the definition of mortgage foreclosure

What is mortgage foreclosure ?

A mortgage foreclosure is when the lender takes back or repossesses a home when a borrower is late with payments. The time frame to start the foreclosure process can vary from lender to lender.Sign... Read More »

What is mortgage foreclosure surplus?

A mortgage surplus is rare, but it can occur. When a mortgage surplus exists, there is an order in which parties are paid out of the surplus.Mortgage Surplus DefinedA home repossessed through forec... Read More »

What is the mortgage foreclosure forgiveness act?

Under the the 2007 Mortgage Forgiveness Debt Relief Act, any canceled or forgiven mortgage debt on a principal residence can be excluded from tax liability. The law applies to canceled debts betwee... Read More »

What can a mortgage company do in a foreclosure?

In a foreclosure, the mortgage company holds many of the cards. For debtors facing foreclosure, knowing what a mortgage company can do in a foreclosure is very important.ProcessThe foreclosure proc... Read More »