tag:blogger.com,1999:blog-64224684051402867002012-02-16T19:35:32.005-08:00Full Spectrum Properties - Proudly Serving Sonoma, Napa, Mendocino, and Lake CountyFull Spectrum Properties Inc.http://www.blogger.com/profile/07566868462528167938noreply@blogger.comBlogger11100tag:blogger.com,1999:blog-6422468405140286700.post-57222220507429831292009-07-06T14:08:00.000-07:002009-07-06T14:09:14.063-07:00Foreclosure is the legal and professional proceeding in which a <a title="Mortgage" href="http://en.wikipedia.org/wiki/Mortgage#Mortgage_lender">mortgagee</a>, or other <a class="mw-redirect" title="Lienholder" href="http://en.wikipedia.org/wiki/Lienholder">lien holder</a>, usually a lender, obtains a court ordered termination of a <a title="Mortgage" href="http://en.wikipedia.org/wiki/Mortgage#Borrower">mortgagor</a>'s <a title="Equity (law)" href="http://en.wikipedia.org/wiki/Equity_(law)">equitable</a> right of <a title="Redemption value" href="http://en.wikipedia.org/wiki/Redemption_value">redemption</a>. Usually a lender obtains a <a title="Security interest" href="http://en.wikipedia.org/wiki/Security_interest">security interest</a> from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower <a title="Default (finance)" href="http://en.wikipedia.org/wiki/Default_(finance)">defaults</a> and the lender tries to <a title="Repossession" href="http://en.wikipedia.org/wiki/Repossession">repossess</a> the property, <a class="mw-redirect" title="Courts of equity" href="http://en.wikipedia.org/wiki/Courts_of_equity">courts of equity</a> can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue <a title="HOA" href="http://en.wikipedia.org/wiki/HOA">HOA</a> dues or assessments.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/6422468405140286700-5722222050742983129?l=fspinc.blogspot.com' alt='' /></div>Full Spectrum Properties Inc.http://www.blogger.com/profile/07566868462528167938noreply@blogger.com3