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Foreclosures

''Foreclosure'' is the equitable proceeding in which a bank or other creditor sells or repossesses a parcel of real property after the owner has failed to comply with an agreement between himself and a lender. 

The most common type of foreclosure is ''foreclosure by judicial sale''.  This is available in every state and is the required method in many.  It involves the sale of the mortgaged property done under the supervision of a court, with the proceeds going first to satisfy the mortgage, and then to satisfy other lien holders, and finally to the mortgagor.  Because it is a legal action, all the proper parties must be notified of the foreclosure, and there will be both pleadings and some sort of judicial decision, usually after a short trial.

Foreclosure by judicial sale requires the mortgage holder to proceed carefully in order to ensure that all affected parties are included in the court case, so the purchaser of the foreclosed property receives valid title to the property.

This type of sale protects the buyer best. All liens and any encumbrance will be released from the property before it can be transferred. The buyer must be willing to have patience in this type of transactions. Typically the lender will be slow to respond to offers and require much documentation on the buyer before an offer is considered.

It is wise for the buyer to enlist the guidance of a real estate professional to negotiate through this process.

Looking for a foreclosure opportunity in the Florida Keys? Let Cheryl Moses and her Team at Action Keys Realty help you find it.

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