What happens to the mortgage debt during the foreclosure process

Foreclosure has created a liability if the bank files the complaint? What happens if there is a process - not the homeowners must be the verdict and the mortgage now? These are some questions that flat and home owners are faced with the loss of their homes. Given the complex nature of credit and financial issues, is simply a foreclosure in confusion about how the loans work and what happens while .

However, the exclusion is not a debt, has agreed to a legal processby a creditor, when a debt secured by a property in default. The foreclosure is the same method by which the mortgage company will contract a court attempt to use a local house in the background of owners of houses and apartments, the original could not pay their mortgages, given the conditions. It is not a debt in itself, but it is the legal mechanism by which a bank can collect a debt that is secured by real estate.

The debt against the ownerthe Bank is the mortgage balance, the property is currently due. Homeowners who take a loan for a certain amount of capital and agrees to pay a fixed rate of interest on borrowed money, plus any fees or charges that are listed in the credit documents. These supplements usually have trigger effects such as the date for payment will trigger a late payment or late payment of the loan is for legal fees and tribunals, which are added to the balance of the triggerLoans.

Taken together, the most important, the unpaid interest and other expenses are the demands of the mortgage company to pay the loan in full. The bank, if you sue for foreclosure, are the states that pay the owners of houses and apartments, this amount to maintain the house or the house will be auctioned by the government must meet this requirement. Of course the Court has agreed to this amount - banks can not simply add arbitrary or unreasonable fees - but few homeownersDefense against the foreclosure action, the banks get away with the addition of taxes they want to allow, without notice.

So if a bank is pursuing a foreclosure on the court that does not create a liability for the homeowner to the lender, these debts already as the mortgage on the property. To sue for foreclosure noted that the bank tries to prove in court that they are incapable of payments that the borrower has agreed to be harvested whenhave taken the loan. Because this standard and the fact that the mortgaged property, the loan for the Bank is to request that the Court of the property sold to satisfy the mortgage debt, which as already.

The ruling that the bank is granted a rule against the homeowners and owners simply the decision of the court that the creditor is owed a certain sum of money and that the owners have not seen paid. Even without having a secondDebt to be repaid, it is simply a local judge, the agreement with the bank order information and that the home loan is defaulted to the auction sale of a sheriff to pay. The amount of the verdict is not always clear, based on the total amount of payment that the owner would have to come to your home and free.

Homeowner with the execution of the debt, only a debt, loan, and at home. The foreclosure process can not begin toshow without a lender or creditor who had a certain amount of money for a debt they have, that the owners have not paid yet this scheme to pay, and that the property to auction of fair play, to satisfy the debt. If a creditor can not prove these facts and other elements of a case of foreclosure, the homeowner may lose not only appear in court or to monitor "with the corrupt government officials.

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