What is an assessment lien?
An assessment lien is a legal claim or “hold” on an owner’s unit or lot making the property collateral against delinquent assessments, whether regular or special assessments, owed to the association.
What is an equitable lien in real estate?
equitable lien. n. a lien on property imposed by a court in order to achieve fairness, particularly when someone has possession of property which he/she holds for another.
What does equitable estoppel mean?
More simply put, equitable estoppel is generally words or conduct which cause another person to believe a certain state of things exists and to consequently change his or her position in an adverse way.
What is an equitable period of redemption?
Equity of redemption (also termed right of redemption or equitable right of redemption) is a defaulting mortgagor’s right to prevent foreclosure proceedings on the property and redeem the mortgaged property by discharging the debt secured by the mortgage within a reasonable amount of time (thereby curing the default).
What is a friendly foreclosure?
Save Your Home With a Friendly Investor The Friendly Foreclosure Strategy is a partnership between homeowners and investors. The homeowner agrees to pay the investor rent after the foreclosure auction until they (or a family member) can obtain a new mortgage to buy the home back from the investor at market value.
What is the difference between equitable redemption and statutory redemption?
Equitable redemption is the right of a defaulting mortgagor to reclaim property by paying all past due mortgage payments anytime prior to foreclosure. Statutory redemption, by contrast, begins at the point of foreclosure and requires that the defaulting mortgagor pay the full foreclosure sale price.
What is the redemption process?
Right of redemption is a legal process that allows a delinquent mortgage borrower to reclaim their home or other property subject to foreclosure if they are able to repay their obligations in time.
What is an example of redemption?
Redemption is defined as the act of correcting a past wrong. An example of redemption is someone working hard for new clients to improve his reputation. The definition of redemption is the act of exchanging something for money or goods. An example of redemption is using a coupon at the grocery store.
How long is the right of redemption?
Yes, generally one year or 180 days (if mortgage contains language that the 180-Day Redemption Mortgage Act governs). Yes, within two years after foreclosure. Right of redemption may be waived in mortgage or deed of trust.