Table of Contents
Introduction
Forclosure is the legally recommended process whereby an owner’s right to his property is withdrawn as the asset is publicly auctioned for purposes of settling mortgage debt. This occurs when there is default in payment by the borrower. Therefore, fight forclosure involves prevention of loss of property right due to default of payment of mortgage loans. It is comparable to someone fighting for lifeline while drowning as the survival depends on his ability to hold to lifeline. This is a comparison of fighting forclosure since any failure would result into loss of property in question.
Due to increased rate of loss property this topic is of great concern. This has resulted from failure of borrowers to repay their mortgage loans. Forclosure has been witnessed even in developed economies such as United States o America hence being of great concern for our study. In order to provide a reliable solution and prevent such occurrence from spreading to other economies this topic demands thorough exploration. Fighting forclosures involves terminating legal procedures aimed to dispose property for purpose of settling mortgage debts.
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Forclosure has been employed by mortgage companies in recovery of their loans offered to clients who later default in their payments. Mortgage is the loan granted to clients who offer property or assets as collateral. This gives right to loaning institutions to dispose their property in bid of recovering their finances. The study of this topic is expected to provide solutions for both loaning institutions and clients who are adversely impacted by forclosure activities. Such solutions involve proper agreement and contract terms between loaning institutions and their clients. Clients are also expected to be able to recognize proper procedures in fighting against loss of their property due to default in their payment of mortgage loans. Therefore this study targets both mortgaging institutions and their clients in solving forclosure problems.