North Dakota Letter to Foreclosure Attorney - General Demand to Stop Foreclosure and Reasons

State:
Multi-State
Control #:
US-02509
Format:
Word; 
Rich Text
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Description

Petitioner provides written demand that foreclosure action be ceased on certain real property.

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FAQ

When available, the redemption period generally ranges from 30 days to a year. In most states that provide a post-sale redemption period, specific factors often change the redemption period's length. For example: The redemption period might vary depending on whether the foreclosure is judicial or nonjudicial.

Which state has the longest foreclosure process? The state with the longest foreclosure process is Hawaii, followed by Louisiana, Kentucky, Nevada, and Connecticut.

A foreclosure is simply the closing of a Home Loan by paying off the entire amount borrowed in one lump sum amount. It is part of the regular Home Loan process and allows you to pay off the borrowed amount before the EMI schedule. You can opt for a foreclosure even after having made a few EMI payments.

Equity of redemption (also termed right of redemption or equitable right of redemption) is a defaulting mortgagor's right to prevent foreclosure proceedings on the property and redeem the mortgaged property by discharging the debt secured by the mortgage within a reasonable amount of time (thereby curing the default).

Redeeming the Property In some states, the borrower can redeem (repurchase) the property within a specific period after the foreclosure. In North Dakota, the borrower generally gets the right to redeem the property within 60 days after the sale except for property that's abandoned or agricultural.

Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.

302, § 30. 32-19-18. Redemption. A party in a foreclosure action or the successor of a party may redeem from the foreclosure sale within sixty days after the sale, except for abandoned property as provided in section 32-19-19 and agricultural land.

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North Dakota Letter to Foreclosure Attorney - General Demand to Stop Foreclosure and Reasons