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Difference between revisions of "Enforcing Judgments Against Land"
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Enforcing Judgments Against Land (view source)
Revision as of 16:47, 12 October 2018
, 16:47, 12 October 2018→Summary of the law
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== Summary of the law== | == Summary of the law== | ||
[[File:Consumer_Law_and_Debt_-_Enforcing_Judgments_Against_Land.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]] | [[File:Consumer_Law_and_Debt_-_Enforcing_Judgments_Against_Land.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]] | ||
Foreclosures and enforcement actions are the two main legal proceedings that creditors may bring against a home that a debtor owns. It is important to understand the differences between the proceedings. | |||
=== Difference between foreclosure and an enforcement action against land=== | === Difference between foreclosure and an enforcement action against land=== | ||
'''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. | ||