Home Foreclosures: New Jersey
N.J. Stat. Ann. §§ 54:5-1 to 54:5-137
Method of Tax Sale: Tax Lien Certificate—sold at auction to bidder offering lowest interest rate for redemption amount. § 54:5-46.
Pre-Sale Notice:
Number of Notices: One.
N.J. Stat. Ann. §§ 54:5-1 to 54:5-137
Method of Tax Sale: Tax Lien Certificate—sold at auction to bidder offering lowest interest rate for redemption amount. § 54:5-46.
Pre-Sale Notice:
Number of Notices: One.
N.M. Stat. Ann. §§ 7-38-1 to 7-38-93
Method of Tax Sale: Tax Deed—sold at auction to highest bidder. § 7-38-70.
Pre-Sale Notice:
Number of Notices: One.
N.Y. Real Prop. Tax Law §§ 1100 to 1194 (McKinney)
Method of Tax Sale: Tax Deed—conveyed to tax district in foreclosure proceeding or sold at public auction. §§ 1166, 1168. (New York City is authorized to sell tax lien certificates; see Chapter 3 of Title 11 of the Administrative Code of the City of New York, captioned “Tax Liens and Tax Sales.”)
N.C. Gen. Stat. §§ 105-349 to 105-378
Method of Tax Sale: Tax Deed—property (or so much as is necessary) sold at public auction to highest bidder. § 105-374. (An alternative, nonjudicial, in rem procedure is available under § 105-375).
Pre-Sale Notice:
N.D. Cent. Code §§ 57-28-01 to 57-28-28
Method of Tax Sale: Tax Deed—property is forfeited to county and then sold at public auction to highest bidder. §§ 57-28-15, 57-28-16.
Pre-Sale Notice:
Number of Notices: Two.
Ohio Rev. Code Ann. §§ 5721.01 to 5721.43
Method of Tax Sale: Tax Deed (§ 5721.19) or Certificate (§ 5721.31)—sold at auction to highest bidder (deed) or sold at auction to bidder offering lowest interest rate for redemption amount (certificate). Ohio also has a statute, not summarized below, regarding disposition and redemption of property which is forfeited after two unsuccessful foreclosure sales. §§ 5723.01 to 5723.19.
Pre-Sale Notice:
Okla. Stat. tit. 68, §§ 3101 to 3147
Method of Tax Sale: Tax Deed—sold at auction to highest bidder. §§ 3131, 3132.
Pre-Sale Notice:
Number of Notices: Two. § 3106 (delinquency), § 3127 (sale).
Or. Rev. Stat. tit. 29, §§ 312.005 to 312.990
Method of Tax Sale: Tax Deed—property conveyed to county through court foreclosure proceeding. §§ 312.120, 312.200, 312.270.
Pre-Sale Notice:
Number of Notices: One.
72 Pa. Stat. §§ 5860.101 to 5860.803 (Real Estate Tax Sale Law)
Method of Tax Sale: Tax Deed—sold at auction to highest bidder. §§ 5860.605, 5860.608.
Pre-Sale Notice:
Number of Notices: One.
Compliments of AFFIL partners: Center for Responsible Lending and the National Consumer Law Center. Italicized words are separately defined within this subsection.
Acceleration. When a creditor claims the total balance of a loan is due immediately. This cannot usually occur unless you have fallen behind on payments. In the case of a home mortgage, receipt of a letter stating that a loan has been “accelerated” is normally an important warning sign of foreclosure.
The following is a glossary of terms related to the servicing of consumer mortgages. Advocates may find this glossary helpful in understanding mortgage escrow statements, loan histories, and other client account documents obtained through discovery or in response to a qualified written request under the Real Estate Settlement Procedures Act (RESPA). It includes abbreviations that commonly appear on account statements. However, these account documents often contain numerical codes and other cryptic notations used by servicers to designate particular account transactions.
This appendix contains forms and other documents that may be referred to or used by attorneys or housing advocates seeking to assist homeowners facing foreclosure. This appendix also includes samples of common mortgage loan documents. The forms and documents in this appendix are available online as companion materials to this treatise.
This sample mortgage is based on the Uniform Instruments provided by Fannie Mae and Freddie Mac for the origination of single-family residential mortgage loans in all States and U.S. Territories. State specific versions of the Fannie Mae/Freddie Mac mortgages and deeds of trusts are available at www.freddiemac.com.
MORTGAGE
DEFINITIONS
This is Fannie Mae and Freddie Mac’s uniform multistate promissory note for fixed-rate loans. State specific versions of the promissory note are available at www.freddiemac.com.
NOTE
1. BORROWER’S PROMISE TO PAY
This is Fannie Mae and Freddie Mac’s uniform multistate promissory note for adjustable rate loans using the one year Treasury Index. State specific versions of adjustable rate promissory notes (using other indices) are available at www.freddiemac.com.
ADJUSTABLE RATE NOTE (1 Year Treasury Index—Rate Caps)
This sample form written request can be used to obtain from a mortgage servicer information about the owner of the borrower’s mortgage. This information is particularly useful in determining the proper party in foreclosure proceedings, for exercising rescission rights, for naming the proper party in bankruptcy lien strip off and claim objection proceedings, and for effectuating service of process on the mortgage owner in litigation matters.
[date]
[mortgage servicer]
This is a sample Notice as to Change of Servicer as required under RESPA, 12 U.S.C. § 2605. See § 3.2.3, supra, for a discussion of this form.
[date]
Patrick Consumer
[address]
Re: Option One [loan no.]
Investor Loan Number [loan no.]
Dear Mr. Consumer:
This is a sample Notice as to the Assignment, Sale, or Transfer of Ownership of a Mortgage Loan. This notice is required under the Truth in Lending Act, 15 U.S.C. § 1641(g).
[new creditor]
[address]
[date]
[loan no.]
[consumer name]
[address]
When Congress enacted the statute authorizing HUD to insure reverse mortgages, it required that such FHA-insured loans include provisions protecting the homeowner and the spouse from displacement. However, until 2014-2017, this spousal protection was not included in HUD’s regulations, policies, or model loan documents. As a result, many spouses who were not included as borrowers on the reverse mortgage faced foreclosure and displacement from their homes upon the death of the borrower spouse.
Coverage under the CFPB’s rule is the same as under the prior FRB rule. All loan originators, as defined in the rule, whether an in-house loan officer or a mortgage broker are covered.53 Closed-end credit secured by a dwelling is covered, including closed-end reverse mortgages, but excepting timeshares.
In a departure from past practice, HUD has now combined its guidance for the Single Family Home Loan Program into a single Handbook, Handbook 4000.1, available at https://www.hud.gov. The Handbook is divided into five parts. Sections one and two deal with originations of loans. The fourth section deals with claim payments and the fifth addresses addresses HUD’s quality control and oversight of lenders.
R.I. Gen. Laws §§ 44-9-1 to 44-9-56
Method of Tax Sale: Tax Deed—sold at auction to the bidder who will pay the taxes and costs due for the smallest undivided part interest in the property. § 44-9-8.
Pre-Sale Notice:
Number of Notices: Two.
S.C. Code Ann. §§ 12-49-1110 to 12-49-1290, §§ 12-51-40 to 12-51-170
Method of Tax Sale: Tax Lien Certificate—sold at auction to highest bidder. §§ 12-51-130, 12-51-50.
Pre-Sale Notice:
Number of Notices: One notice of sale. After delinquency, notice by certified mail specifying that if taxes, assessments, penalties and costs are not paid before subsequent sales date, then property must be advertised and sold for same.
S.D. Codified Laws §§ 10-23-1 to 10-23-33, §§ 10-24-1 to 10-24-17, §§ 10-25-1 to 10-25-45
Method of Tax Sale: Tax Lien Certificate—sold at auction to person bidding full amount of taxes, interest, and costs due, and offering lowest interest rate for redemption amount. § 10-23-8.
Pre-Sale Notice:
Number of Notices: One.
Tenn. Code Ann. §§ 67-5-2001 to 67-5-2013, §§ 67-5-2101 to 67-5-2103, §§ 67-5-2501 to 67-5-2516, § 67-5-2701
Method of Tax Sale: Tax Deed—sold at auction to highest bidder. §§ 67-5-2501, 67-5-2504.
Pre-Sale Notice:
Number of Notices: One.