Foreclosure On Real Residential Or Commercial Property
A foreclosure is a procedure to get rid of a person's rights to own and have possession of real residential or commercial property, likewise referred to as real estate. After foreclosure, the individual will no longer own the residential or commercial property and will be needed to get rid of all his or her possessions and relocation.
A foreclosure is begun by an individual, or company, holding a lien on genuine residential or commercial property. An owner will typically provide a lien upon his or her real residential or commercial property as security for repayment of a financial obligation. Typically, a property owner provides a lien on his/her home to the bank as collateral for payment of a loan to the bank. In some cases, a lien can be positioned on real residential or commercial property without the owner's consent where money is owed that has not been paid. For instance, a carpenter can file a construction lien for work done on a house, the IRS can file a lien for unsettled taxes, and a creditor can file a lien for an overdue judgment.
There are four common kinds of liens on real residential or commercial property: a trust deed, a mortgage, a land sale contract and an involuntary lien. Foreclosure procedures differ depending upon the kind of lien included.
Trust Deeds
A trust deed is a special type of mortgage given by the owner of the real residential or commercial property to a 3rd party, called a trustee, who holds a power of sale for the residential or commercial property for the benefit of a lender (such as a lender) up until the debt is repaid. Banks and other loan providers normally utilize a trust deed.
A trust deed can be foreclosed by a lawsuit in the circuit court of the county where the residential or commercial property lies. This type of foreclosure is referred to as a judicial foreclosure and is now typical for property loans in Oregon.
A foreclosure is a procedure to get rid of a person's rights to own and have possession of real residential or commercial property, likewise referred to as real estate. After foreclosure, the individual will no longer own the residential or commercial property and will be needed to get rid of all his or her possessions and relocation.
A foreclosure is begun by an individual, or company, holding a lien on genuine residential or commercial property. An owner will typically provide a lien upon his or her real residential or commercial property as security for repayment of a financial obligation. Typically, a property owner provides a lien on his/her home to the bank as collateral for payment of a loan to the bank. In some cases, a lien can be positioned on real residential or commercial property without the owner's consent where money is owed that has not been paid. For instance, a carpenter can file a construction lien for work done on a house, the IRS can file a lien for unsettled taxes, and a creditor can file a lien for an overdue judgment.
There are four common kinds of liens on real residential or commercial property: a trust deed, a mortgage, a land sale contract and an involuntary lien. Foreclosure procedures differ depending upon the kind of lien included.
Trust Deeds
A trust deed is a special type of mortgage given by the owner of the real residential or commercial property to a 3rd party, called a trustee, who holds a power of sale for the residential or commercial property for the benefit of a lender (such as a lender) up until the debt is repaid. Banks and other loan providers normally utilize a trust deed.
A trust deed can be foreclosed by a lawsuit in the circuit court of the county where the residential or commercial property lies. This type of foreclosure is referred to as a judicial foreclosure and is now typical for property loans in Oregon.