what causes a mortgage foreclosure

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A mortgage lender’s foreclosure will lead to the elimination of any junior liens beneath its own senior lien, which is frequently where HELOC liens are found.. "Can Default on HELOC Cause.

 · The answer is yes. The only reason why a second would want to proceed with foreclosure is if the 1st mortgage and any senior liens, such as taxes are totalling substaintially less than market value. The 1st mortgage would be happy to see the 2nd foreclose so they get paid in full.

As foreclosures increased, repossessions multiplied, boosting the number of homes being sold into a weakened housing market. This was compounded by attempts by delinquent borrowers to try to sell their homes to avoid foreclosure, sometimes in “short sales,” in which lenders accept limited losses if homes were sold for less than the mortgage owed.

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What is a Mortgage? A mortgage is a loan that a bank or mortgage lender gives you to help finance the purchase of a house. It is most advantageous to borrow approximately 80% of the value of the house or less. The house you buy acts as collateral in exchange for the money you are borrowing to finance the mortgage for a house.

The foreclosure process allows a lender to take back ownership of a property from a borrower. Foreclosure occurs when the borrower is no longer making the mortgage loan payments on time and in full. The lender can sell the home at public auction, and becomes the new owner if there are no successful bidders.

Statutory foreclosure is foreclosure by performance of a power of sale clause in the mortgage without need for court action, since the foreclosure must be done in accordance with the statutory provisions governing such sales.

For many homeowners, unforeseen circumstances like these can cause financial problems that hinder. Your failure to open the mail won’t be an excuse in foreclosure court. 4. Know your mortgage.