Home » Real Estate

Foreclosure Law: Don't Get Caught On Its Wrong Side

Dec 15, 2007
Foreclosure law will differ on a state-to-state basis. The foreclosure laws in each state will vary in the degree of their strictness; some states are extremely specific when it comes to the acceptable procedures for foreclosing on and disposing of real estate, while others are much more flexible.

But most states do look to the details of the mortgage documents on a property as the foundation for their foreclosure law. The terms to which the borrower and lender agreed in the mortgage documents are binding, and they will almost always dictate the legal or extra-legal options which are to each party during the foreclosure proceedings.

When You Want To Invest In Foreclosures

The foreclosure law in a given state can also have a great impact on a prospective buyer's ability to purchase foreclosed real estate as an investment. Tens of thousands of people have mastered the art of buying foreclosed homes and selling them in a short time for a fast profit. Should you be thinking about joining them, make sure I n advance that the foreclosure law in the states where the properties are located contains no stipulations which would interfere with your plans.

Be especially careful about foreclosure law as it pertains to encumbered properties; there are states which allow the home's owner a grace period in which to clear any liens against his property and in doing so retain title. If you should purchase an encumbered property and the owner does manage to clear the liens, you could find yourself with nothing.

Hire A Professional Foreclosure Law Researcher

If you have decided to pursue foreclosure properties in a number of states, your safest alternative is to find a legal firm to research the foreclosure law in each of them. Trying to pore over the real property statutes in a number of states will not just consume a tremendous amount of time; it can leave you confused about the subtle differences in foreclosure law from state to state. It's much better to have a legal professional familiar with property law examine the state codes for you, and be ready to advise you when you are ready to make your purchases.

You would be much better served by spending your time researching foreclosure lists than by researching foreclosure laws. First find the promising properties, and when you have a number of them, give your selections to your legal professional so that he or she can begin researching the pertinent state foreclosure laws. Having the research done for you will cost something, but if it saves you from a serious blunder and allows you to buy only those properties on which you can profit, it will be money well spent.

There was a time when you thought, and your banker agreed, that you were a great bet to handle monthly payments on a mortgage for twenty or thirty years. You had that confidence once, and you can recover it. And when you do, you may find yourself surveying the foreclosures market to save money while putting yourself in your own home once again!
About the Author
You can also find more info on bank foreclosure and bank owned home. Foreclosureshomeguide.com is a comprehensive resource to get help about property Foreclosures.
Rating:
Please Rate:
(Average: Not rated)
Views: 114
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Accounting
    • Credit
    • Currency Trading
    • Debt Consolidation
    • Insurance
    • Investing
    • Leasing
    • Loans
    • Mortgage
    • Mutual Funds
    • Personal Finance
    • Stock Market
    • Structured Settlements
    • Taxes
    • Wealth Building
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources