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Quick Guide to Pooling and Servicing Agreements in Foreclosure Cases Form

Quick Guide to Pooling and Servicing Agreements in Foreclosure Cases Form

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what is a foreclosure foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of the mortgaged property and selling it a loan is considered default when the borrower misses a specific number of monthly payments although the process varies by state the foreclosure process generally begins when a borrower defaults the lender then sends a missed payment notice that indicates that month's payment hasn't been received if the borrower misses two payments the lender sends a demand letter which is a more serious warning after another 90 days of missed payments the loan is handed over to the lenders foreclosure department and the borrower typically has another 30 days to settle the payments and reinstate the loan this is called the reinstatement period at the end of the reinstatement period the lender will begin to foreclose assets owed by the borrower what are your thoughts on foreclosure share your comments

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