This Notice of Sale is posted in the media and a copy
pasted on the
property. Only 90 days time is permission
for treatment of the outstanding dues to the lender to
avoid foreclosure.
The sale of the property takes
location on the date
and time define in the
Notice of Sale at the county court.
The public auction is held and the bid are required
to pay submit upfront
to take part in bidding.
The mosthighest bidder has to pay the bid amount within 24
hours
and take possession
of the property. In looking of the
speed of foreclosure
process with less process hassles,
in most States of the
U.S. only this system is preferred
by the mortgage
lenders.
Strict Foreclosure
Involves a oder that orders the payment of a mortgage
of real property. The
heard foreclosure decree sets out
the amount due under the mortgage, orders that to be paymet
within a especially time limit, and provides that if payment
is not made, the mortgagor's right and equity of
compensation are
forever barred and foreclosed.