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Real Estate Foreclosure on Tri Cities Washington Homes
The legal action in which real estate securing a defaulted loan is put up for sale by the lender is known as foreclosure. This amount will be used to repay the loan and if it does not cover the full outstanding loan amount, the borrower will continue to owe the lender the balance amount.
A foreclosure can be primarily divided into two categories. Judicial foreclosure — require a lawsuit to be filed in court, and non-judicial foreclosure — courts not involved. Both procedures are allowed in most states. We will discuss non-judicial foreclosure.
Non-Judicial Government Foreclosure
Following is the basic outline for non-judicial government real estate foreclosure. First of all the note, deed of trust, and details of the default are forwarded to the trustee. Then the notice of default and other required documents are prepared. Then the real estate notice of default is recorded.
During the default period a title company orders a TSG (trustee sale guaranty). The borrower and the junior lien holders will receive all necessary legal mailings. During this period the borrower can reinstate or pay off the loan and consequently avoid the real estate foreclosure. If the borrower fails to do so the lender can authorize the next step in the foreclosure proceedings.
During the publication period the foreclosure trustee will make all the arrangements to post the notice of trustee’s sale. The notice must be published once a week for three successive weeks in a local newspaper. Any time up to five business days before the real estate sale date the borrower or junior lien holder can reinstate the loan. If this has not been happened, the receiver can demand that the entire debt be paid in full during that five-day period.
Legal definitions, time frames, real estate requirements, notice periods and processes may vary in different sates.
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