Byrne • Westmoreland, PLLC
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Foreclosures

Foreclosure is a process which allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan.

The foreclosure process begins when a homeowner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Note of Default or Lis Pendens.

The foreclosure process can end in one of four ways.

  1. The borrower/owner reinstates the loan by paying off the default amount during the grace period, as known as pre-foreclosure.
  2. The borrower sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
  3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
  4. The lender can take ownership of the property, usually with the intent to resell it on the open market.

Ownership takes place through agreement with the borrower/owner during pre-foreclosure, this is done either through short sale foreclosure or by buying back the property at the public auction.

Properties repossessed by the lender are known as bank-owned or REO properties (Real Estate Owner by the lender). This foreclosure process allows three opportunities for finding bargains on foreclosure homes.

Contact Byrne Westmoreland, PLLC, to help you with a foreclosure.

Practice Areas

  • Residential Real Estate Closings
  • Commercial Real Estate Closings
  • Foreclosures
  • Short Sales
  • Deed Transfers
  • Title Abstracts/Searches
  • Title Insurance
  • Business Formations
  • Wills, Trusts & Estate Planning

TENNESSEE LOCATIONS:
Byrne Westmoreland, PLLC

51 N. Cooper Street, Memphis, TN 38104
Office: 901-572-1419, Fax: 901-672-8541

118 E Mulberry, Suite 201, Collierville, TN 38017
Office:901-436-1410, Fax:901-672-8541

1326 Hardwood Trail, Cordova, TN 38016
Office: 901-737-2911, Fax: 901-737-2989

MISSISSIPPI LOCATIONS:
Byrne Westmoreland, PLLC

404 Galleria Lane, Suite1, Oxford, MS 38655
Office: 662-238-7773, Fax: 662-238-2774

5960 Getwell Road, Suite 113, Southaven, MS 38672
Office:662-300-6550, Fax:662-300-6555

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