Cleveland Foreclosure Help

Real foreclosure help starts with an investment of time. If you want to stop foreclosure you will need to understand the types...

Judicial Foreclosure

Foreclosure is when a court orders the sale of your property. Almost every state will use their right to judicial foreclosure. These sales are also known as sherriff's auctions, because the sherriff in a particular county is usually the one responsible for taking posession of a foreclosed property. In most cases, the property is sold for less than the current market value. The reason for this (and this no secret to real estate investors) is that the bank really would just like to recover the debt owed on the property.

Non-Judicial foreclosure

The debtor lets the mortgage holder know they are planning to sell the property due to the fact that they are in foreclose. If the debtor can not sell the property, it is repossessed and put on auction similar to judicial foreclosure.

Deed in Lieu of Foreclosure

The bank takes your property to repay your debt.

Strict foreclosure

This is a right (of lien holders) to equity in your property. This is when the court sets a time table for any Junior lien holders to claim liens. If they fail to do so, the property is freed from liens and the title cleared.

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