This real estate video provides general information about foreclosure laws and definitions. You will find out what a foreclosure is and what are steps of the foreclosure process. Each step is clearly described and important terms such as Notice of Default, Cure, Notice of Sale, Eviction, Order of Sale, Transfer of Title and Power of Sale are explained. You will find out the difference between the relevant terms of judicial and non-judicial foreclosure and what a Deed in Lieu of Foreclosure is. Generally foreclosure means the process when the “Lender” takes possession of the property when the borrower fails to keep up their mortgage payments. If the borrower is 90 or more days behind their payments, the lender serves them with a Notice of Default. The borrower is given a certain period of time to “cure” the default and avoid foreclosure, if it is not cured, a Notice of Sale is filled with the county clerk's office. The final step of the foreclosure process is the eviction process. More detailed information about this you will find in our video. It is important to know that foreclosure can be of two types. Judicial foreclosure is opposed to foreclosure by “Seizure and Sale” and it results from court action where the lender receives an “Order of Sale”. Non-judicial foreclosure includes lender's “Power to sell property” without any court procedures. The Real Estate law is very complex and complicated, having a lawyer who is qualified in this area to help you understand it is very important.
