Enforcing Judgments Against Land: Difference between revisions
From Clicklaw Wikibooks
Enforcing Judgments Against Land (view source)
Revision as of 16:53, 12 October 2018
, 12 October 2018→Difference between foreclosure and an enforcement action
Drew Jackson (talk | contribs) |
Drew Jackson (talk | contribs) |
||
Line 15: | Line 15: | ||
'''Foreclosure''' is a proceeding brought by a creditor who has a mortgage interest in a property. Usually, when a person borrows money to buy a home, they have to give the lender a mortgage over the home as security. If the borrower defaults, the lender can bring a legal action to take (or "foreclose") the property and, at the same time, get a judgment for the money owed. See the [[Mortgages and Foreclosure]] section for details. | '''Foreclosure''' is a proceeding brought by a creditor who has a mortgage interest in a property. Usually, when a person borrows money to buy a home, they have to give the lender a mortgage over the home as security. If the borrower defaults, the lender can bring a legal action to take (or "foreclose") the property and, at the same time, get a judgment for the money owed. See the [[Mortgages and Foreclosure]] section for details. | ||
An '''enforcement action | An '''enforcement action''' is a proceeding brought by an unsecured creditor who has obtained a judgment against a debtor. An unsecured creditor does not have a mortgage as security. The creditor must first get a judgment, and then bring the enforcement action against the property. | ||
=== Procedure for an enforcement action=== | === Procedure for an enforcement action=== |