Stop Mortgage Foreclosure – Role of the Mortgagee and a CRITICAL Factor to Your Success Or Failure
March 11th, 2010
Foreclosure is the legal process in which you may lose your rights to a mortgaged property, say your home or usually some kind of real estate, after you have made the mortgage in order to borrow money. That makes you the mortgagor, while the mortgage represents the security for the money you have loaned from some credit company. Besides actually allowing you to be able to get your hands on the money you want to borrow, the mortgage also gets you a shot at a reduced interest rate from the lender.
When you take a mortgage loan, you retain possession of your home, and foreclosure is affected only if you fail to make payment of the debt at the proper time or to meet other obligations specified in the agreement terms of the bond.
Now here’s the catch; to effect a foreclosure, the lender usually has to apply to a court for authority to sell the property or to proceed with the sale under a power that has been provided within the mortgage itself. If you are going to stop the foreclosure proceedings, you are going to have to do it either before the lender makes it to court in the first place, or before the court gets to pass the injunction that allows them to kick you out and sell your home.
The lender here is the mortgagee because they hold your mortgage – which they could do personally, or by a trustee on their behalf. Their plan, when they foreclose on your property, is to apply the money received from its sale to all debts that you owe on the property, including – no, especially – payments due to the mortgagee. Either way, you get to lose if the process is complete, so the best way to stop foreclosure on that account is to see to it that they actually never start the process.
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Posted in Foreclosure
Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.