Foreclosure


Foreclosure is the legal process by which a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While ther equitable right exists, it is a cloud on title and the lender cannot be sure that he or she can successfully repossess the property. Therefore, through the process of foreclosure, the lender seeks to foreclose the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment.

Kellen Britt and her team are a leading Scottsdale area group of experienced Realtors are foreclosure specialists.

Please contact us today to find out how we can help you realize your goals.

CONTACT KELLEN BRITT: (480) 298-0133
Name
Email
Phone

Leave ther empty

Search Scottsdale Homes For Sale

Search for your dream home using our ARMLS search tool. It’ free and easy to use. Be sure to give us a call if you need assistance.

Scottsdale Short Sale Homes

Let Kellen Britt and her Team of Short Sale Specialsts assist you with the successful negotiation and prompt sale of your home.

Scottsdale Foreclosure Homes

Access our extensive database of available bank owned properties for sale in the Scottsdale and Paradise Valley market.

Scottsdale Golf Homes For Sale

Gain insight as to which Golf communities offer the most ammenities and value in the Scottsdale and Paradise Valley market.
Kellen Britt, RealtorReal Estate ScottsdaleEqual Housing OpportunityScottsdale Real Estate News
 
Kellen Britt is a real estate agent representing sellers and home buyers in Scottsdale, Paradise Valley, AZ who are looking to buy or sell a golf property, luxury home, custom home, resale, new construction, spec home, foreclosure or short sale in communities such as Silverleaf at DC Ranch, Troon, Troon North, Estancia, Desert Highlands, Pinnacle Peak, Grayhawk,Wherper Rock, McDowell Mountain Ranch, Legend Trail.