CassieNet News :: Thinking of getting a mortgage

Thinking of getting a mortgage :: RE: Foreclosure

Author: caron
Subject: RE:
Posted: Wed Aug 17, 2005 9:01 am (GMT 0)
Topic Replies: 2

Hi Guest
Welcome to MortgageFit forum.

A foreclosure allows a lender to sell the property to get back his dues in case a borrower defaults on his mortgage payments. But there is a way by which the borrower can get back the title to the property even when the foreclosure has been conducted. This however depends on the state at which the borrower has taken the mortgage.

The foreclosure becomes ineffective through the right of redemption which allows a borrower to retain the title of ownership of the property even after the property has been sold off to a public trustee. But the borrower has to pay the total amount of the high bid along with interest at the default rate on the mortgage note. The period of redemption varies from state to state .

Hope you will be benefited from this information.

Please feel free to post further queries. Also sign up with us at http://www.mortgage.com/signup/ to avail free consultation on any related issues.

Regards,
Caron.

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