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Lender Essay Topics & Paper Examples

Home Forclosures

Home Foreclosure occurs when the lender, usually a mortgagee is successful in getting the mortgagorā€™s rights in the property revoked due to the mortgagor being unable of paying for the property. By foreclosing the property, the lender is in effect repossessing it. In the United States, there are two types of foreclosure: Strict foreclosure and Judicial Foreclosure. In the former, the lender claims the title and possession of the property back in full satisfaction of a debt, which is usually a contracted one. In the latter, the property becomes subject to auction, by the county sheriff or some other court official. This type is the more common amongst the states in order to protect any equity the debtor may have…