Wednesday, February 15, 2017

Important Tips To Regarding Foreclosure Sales Maryland

By Susan Meyer

Money lenders are important at times when urgent cash is needed. The borrowers are usually required to bring in some property as collateral for the loan in the city of Maryland. The payment should be achieved within the stipulated time failure to which the property given as collateral is usually sold in the process known as foreclosure sales Maryland.

A foreclosure sale involves the sale of a property which was put on the line as collateral. There is a wide range of collateral that could be used. It could be a house, a car or a piece of land. Therefore this property is usually sold by the lender due to the inability of a borrower to pay up the loan.

A home can be taken which is devastating to the entire family. It means starting afresh but way from the current neighborhood and friends. The bank or mortgage agent gives an eviction notice to allow the house to get a buyer. The money recovered is used to pay for the debt incurred.

Three major stages are involved in this process. They are usually the events that take place before, during and after the property successfully find a buyer. It is, therefore, necessary for the parties concerned especially the borrower whose property is at stake to be in the know about these three processes.

A judicial process may be involved whereby the lender files a lawsuit against the borrower. The parties are notified, and some hearings are done in a court. Depending on the facts given, the court could halt the sale or give permission for sale to proceed. The proceeds are usually used to settle the debt first and then the court and attorneys involved, and the borrower is the last priority in most cases gets almost nothing.

The other way it could be done is by purely not involving the courts and proceeding to price the property immediately the payment contract is breached. This process involves the lender alone thus it is fast and less expensive because there are no extra costs of paying the courts. This is a disadvantage to the original property owner because it does not give a short period, however, genuine, the reasons the borrower may have for not having cleared in time.

Strict foreclosure is where the borrower fails to pay up the loan in the recommended time thus prompting a lender to approach the court. A borrower is given time to pay up and if he fails the property becomes an ownership of the lender. This so happens when the loan was higher than the actual value of the property.

The other types are simply referred to as minor cases. Most of them do not require court involvement but are dealt with by the parties concerned basing on the agreements made between the two individuals.

About the Author:

No comments:

Post a Comment