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Puerto Rico
Judgment Foreclosing Mortgage and Ordering Sale

Puerto Rico Judgment Foreclosing Mortgage and Ordering Sale

Q: When a borrower Cannot repay a loan and the lender seeks to sell the property?

This act of selling the property to pay the borrower&#039;s debt is called a foreclosure: It is the pre-emptive or premature closing of a loan transaction by summary sale of the collateral that secured the loan, with an immediate pay-off of the entire loan obligation from the sale proceeds.

Category:

Real Estate - Foreclosures

State:

Multi-State

Control #:

US-02647BG

Format:

Instant download

Description

A judicial foreclosure is one which results from a court action rather than from the power of sale given to a trustee. Judicial foreclosures occur when a trust deed or mortgage deed does not have a power of sale clause, thus compelling the lender to take the borrower to court. This is in contrast to a non-judicial foreclosure, in which a foreclosure can be completed outside the court system.

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FAQ

This act of selling the property to pay the borrower's debt is called a foreclosure: It is the pre-emptive or premature closing of a loan transaction by summary sale of the collateral that secured the loan, with an immediate pay-off of the entire loan obligation from the sale proceeds.

Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.

A writ of seizure and sale can occur when a borrower defaults on a mortgage, and as a result, the loan goes into foreclosure. Foreclosure is a legal process by which a bank, creditor, or lender assumes control of a property and sells the home.

Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.

In a judicial foreclosure, after the judge orders the sale of a home, it's usually auctioned off to the highest bidder. The homeowner has some time after the sale to buy the home back from the successful bidder (called the right of redemption). The amount of time depends on whether the sale satisfied the debt.

Foreclosure is the process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership of the property.

Judicial foreclosure refers to foreclosure proceedings that take place through the court system. This type of foreclosure process often occurs when a mortgage note lacks a power of sale clause, which would legally authorize the mortgage lender to sell the property if a default occurred.

Foreclosures in Puerto Rico go through a judicial process in the court system. The lender initiates the foreclosure by filing a brief in court, along with certain documents. The brief must contain an exact breakdown of the following: the principal balance owed.