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When a bank forecloses on a property do they ask

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for financial disclosures from the...
When a bank forecloses on a property do they ask for financial disclosures from the original homeowner ?
Submitted: 2 years ago.Category: Real Estate Law
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6/19/2015
Real Estate Lawyer: CalAttorney2, Lawyer replied 2 years ago
CalAttorney2
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No, when a bank forecloses, they go through one of 2 processes (generally it depends on the state as to which process they go through - trustee's sales are preferred).
Both require notice be given to the homeowner, length of notice and number of notices vary by state.
(See this link for a state by state breakdown: http://www.nolo.com/legal-encyclopedia/50-state-chart-key-aspects-state-foreclosure-law.html)
1) A trustee's sale: the trustee auctions the property after giving public notice, and the property is sold to the highest bidder, with proceeds distributed first to the trustee to pay for costs of sale, then to the lien holder (mortgage company), then to any other lien holders (second mortgage, judgment liens against the property, etc.), and if there is any surplus, that goes to the homeowner.
(See this link for information on a "non judicial" foreclosure: http://www.nolo.com/legal-encyclopedia/timeline-nonjudicial-foreclosure.html)
2) Judicial foreclosure: this requires the mortgage company to go to court and receive a judgment of foreclosure - once the bank gets the judgment, they can then go through the same auction process as the trustee sale with the above distribution, but the added step of going to court takes additional time and costs more money.
(See this link for information on "judicial" foreclosure: http://www.nolo.com/legal-encyclopedia/how-foreclosure-works-30066.html
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