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and Disclaimer commitments

Disclaimer and liabilities

Foreclosures are generally referred to as Mortgagee Mortgagee auction or sale. In these cases the bank or lender forces the borrower to sell in accordance with the terms of the loan agreement. Foreclosure is a bit of repair used, the property vests in the mortgagee of the mortgagor shall have no right to any surplus from the sale. Since this measure can be harsh, courts almost never allow it. Instead of Usually, they will award a contract for possession and sale, reducing some of zg, hunger by providing guaranteed sales.

Mortgagor may be required to pay for private mortgage insurance or PMI, for as long as the basic principal of a mortgage is over 80% of the value of its properties. In most situations, insurance requirements are sufficient to guarantee that the lender will get some percentage of the initial loan back, either from foreclosure auction proceeds or PMI, or combinations thereof.

However,

illiquid real estate market, or after a significant drop in property prices, he's showing that the property is foreclosed is sold for less than the outstanding balance on the primary mortgage, and there may be no insurance to cover losses. In this case, the Court overseeing the foreclosure process may enter the deficiency judgments against the mortgagor. Deficiency judgments can put a lien on the borrower's other property that obligates the mortgagor to repay the difference. Lender gives the right to collect the remainder of the debt from the mortgagor from other assets (if any).

But there are exceptions to this rule. If the mortgage is recourse debt (which is often the case with mortgage), the lender can not go after borrower's assets to recover its losses. Lender's ability to perform the above deficiency can be limited by the rule of law. In California and some other States, the original mortgages (the ones made at the time of purchase)