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Posted On: August 25, 2010 by Scott Sagaria

What is Foreclosure?

A San Jose bankruptcy attorney answers:
What is Foreclosure?

A foreclosure is the legal process wherein a lender of money and/or collateral, usually a mortgage, attempts to collect on the monies they are owed from the individual by re-taking the property securing the loan. There are typically two types of foreclosure, judicial and non-judicial. In judicial foreclosure, the court supervises the sale of the property foreclosed upon. The lenders are paid in the order of the priority. In non-judicial foreclosure, there is typically a clause in the lending papers which states that the lender can bypass judicial foreclosure and use methods outlines by each state/district’s guidelines. Should the sale of the property not satisfy all liens attached, the lender may file and request a deficiency judgment. The foreclosure process can be stopped by filing for protection under any of the bankruptcy chapters.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

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