Notes on Foreclosure Law (The 101 Notes Series)

Foreclosure is one of the most devastating legal processes in our legal system. Chapter 1 defines and explains the basic concepts of foreclosure, and provides an overview of the foreclosure process. Chapter 2 discusses the typical terms in a mortgage between the homeowner and the seller, most importantly the acceleration clause. Chapter 3 explains what defaulting on the mortgage means, before diving more fully into all the necessary notices that the seller must give to the homeowner before filing a foreclosure action. If things are not resolved after the notice of default and notice of sale, the creditor can file a foreclosure in court. Chapter 4 explains the steps necessary to take by a creditor to file a foreclosure suit, like filing a lis pendens first. Chapter 5 discusses the nitty gritty of the Sheriff Sale, which is the public auction at which the foreclosed property is sold. Ch. 5 explains who is usually bidding on the property as well as the concept of “deficiency judgments.”