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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: MSI who wrote (8257)	1/20/2003 5:47:46 PM
From: bobby is sleepless in seattle	Read Replies (1) \| Respond to of 306849

yes they can. State of Wa is a lien theory state, making the borrower the owner. Other states are Title Theory, placing the bank as owner until loan obligations are fulfilled. And there are some states that are a blend of the two where the borrower is the owner unless they default on the loan and the bank becomes owner. Most however, are lien theory. And then the type of foreclosure process that can transpire, a judicial or non-judicial foreclosure proceeding...I want to say that all or most of lien theory states practive non-judicial proceedings. This is an advantage to the lender since an attached deed preauthorizes a sale of the home if the note's conditions are not being satisfied by the borrower as opposed to a judicial proceeding where the lender has to file and win a law suit and the associated headaches attached to it.