Business and Real Estate

Archive for the ‘Bankruptcy Lawyer’ Category

Replacement or Foreclosure
* the Judicial procedure involves Foreclosure Court system and may take up to a year. The owner (trustor) has the right to reclaim (redeem) your property for sale depues run-of-mortgage (foreclosure).

* The procedure Non-Judicial Foreclosure does not involve the court system; this process usually takes about 4-months. The owner (trustor) does not have the right to reclaim (redeem) their property after a foreclosure sale-of-mortgage. This procedure is most often used in California and other states.

* Trustor is the owner or Borrower has taken an act of trust in their property to the trustee to ensure that the Grantee will comply with its obligation under the terms agreed in the Act (trust deed).

* Trustee is a tertiary institution-neutral.

* Beneficiary is the bank or lender that owns the note and act (trust deed).

* Note is a signed document which acknowledges a debt and gives a promise to pay.

* Trust Deed is an act or document which the landlord provides to the lender to keep it until he filled his obligation to repay the loan.

* Redeem is the length of time the property owner has to recover since it settles the debt to the lender.