The most important aspect of either type of foreclosure that homeowners need to be aware of is the “power of sale” clause in the original mortgage documents. It is used only in nonjudicial foreclosure settings, which is the predominant type of foreclosure proceedings in California. Homeowners facing foreclosure will most likely have this clause in their mortgage if their property is located in this state.
The other type of foreclosure, judicial foreclosure, is rarely used in California and only when the loan documents do not have the power of sale clause, or if the bank wants to pursue a deficiency judgment against the owners after the sheriff sale. Although the house may be sold quicker than in a judicial foreclosure, the loss of the bank’s power to pursue a judgment after the sale can be quite reassuring to homeowners.
Foreclosure in California – Know Which Kind of Foreclosure the Bank Will Use Against You
July 8 (easykobo) – For the 3rd consecutive year, GT Bank has been named “Best Bank in Nigeria” by pre-eminent international finance magazine Euromoney. Recently Morgan Stanley picked GT Bank along with Diamond Bank as best stocks to own in Nigeria financial environment.
Morgan Stanley named GT Bank and Diamond Bank as the best banking stocks to own in Nigeria at the moment.