Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower, who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan.
So by that def. I don't think that is quit right. If the lender forecloses and takes possession of the house as their collateral, it is done from the previous owner because you go to court and sign off and lose all rights to that house. If they then sell it for a profit at auction after all liens are paid off, I don't see how any excess translates back to the previous owner, as you are not on title. What am I missing? Only your homeowners insurance will give you a refund from the day the lender took possession until the end of that policy period you paid.
The state has a found money dept and yes, you can get money that has been lost for free, or companies will retrieve it for you for a fee (which is a rip off) I found $600.00 once, and the state will notify you and you get a bunch of solicitations in the mail as well, as a clue you have found money. It's a very easy process.I am not sure if that is the same thing.
What bother's me are two original deeds floating around, only one original can be recorded, correct? |
