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Deed theft has been reported around the U.S., from San Diego, where prosecutors recently netted a guilty plea and six-year prison sentence. behind on the mortgage and a default notice alerted him.
When default occurs and the creditor desires to foreclose, the right of the creditor to take the mortgage property is implied from the provision which from the entry of judgment on foreclosure. In default of such payment, the property shall be sold at public auction to satisfy judgment.
If you default on your first mortgage, that lender will very likely begin foreclosure proceedings. If, on the other hand, you default on a second mortgage, whether or not that lender initiates a foreclosure will depend mainly on the current value of your home.
Mortgage Loan Default. Several actions constitute loan default — all of which are grounds for foreclosure — such as changing property ownership without your lender’s authorization.
Note that this is a general California foreclosure timeline; many banks have different procedures for dealing with mortgage loans and are still dealing with a backlog of foreclosures. That means the process might move slower or quicker for your particular loan. Article at a Glance. The California foreclosure process can last up to 200 days or.
You can pretty much guarantee that if you go into default, your credit score is going to take a nosedive. payment history accounts for 35 percent of your FICO score and anytime there’s a late or missed payment, it knocks off a few points. If your home ends up being foreclosed on, that’s the final nail in the coffin for your score.
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But, there are two steps that come before the foreclosure process begins – namely: mortgage delinquency and mortgage default. With foreclosures taking up so much space in the headlines these days, we’ve been conditioned to think of it as the first and final step in a mortgage loan gone bad scenario.
Home equity stays the property of a homeowner even in the event of a mortgage default and foreclosure on the home. But the foreclosure process can eat away at the equity. The following five points explain what home equity is, what happens to it during foreclosure.