A foreclosure allows the mortgage lender to have the property sold to satisfy the debt. It also allows the property to be sold free and clear of encumbrances. In other words, if the property is sold for less than the total amount owed on the property, the debts will be released as to the property.
Topics covered in this report include:
- Second Mortgage and Foreclosure in Bankruptcy
- Foreclosure vs. Bankruptcy for Second Mortgages
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