Since 1982 FCI Lender Services has
offered a comprehensive family of services to the greater Private Money
industry. FCI and its experienced staff have earned an industry wide
reputation for professionalism and results.
The FCI staff includes some of the most experienced management and operational personnel in the Lending and Servicing
industry. Much of FCI’s staff has over 10 years with the company and
most exceed 20 years in the industry. Experienced staff is key to
providing the high level of service that sets FCI apart. FCI’s client
retention rate is proof of its commitment to customer satisfaction.
FCI offers the following services:
Loan Servicing: Specialty Loan Servicing and Standard Loan Servicing
Mortgage fund Servicing
Foreclosure Servicing
Reo Management
Bankruptcy Relief Referral
Buy/Sell LoansSecured Investments
miércoles, 11 de julio de 2012
What is a judicial foreclosure?
Foreclosure is one of the financial proccess most difficult for any consumer. Unfortunately, during the latest years, thousands of American families are facing this process. What does it mean?
What is Foreclosure?
Foreclosure is the legal process through which a lender (most typically a mortgage lender) claims an asset from the consumer borrower. Foreclosure is almost always the result of default on payment. A very important consideration for mortgage payment is that lenders cannot take partial payment on the mortgage monthly payment. What that means is that, unlike a credit card, you cannot mail in a portion of your payment. a mortgage payment is all or nothing. This also means that if you miss one payment, the next month you have to re-pay the current month and all arrears! This, in addition to exotic mortgage products and rising rates, can drive many otherwise financially stable people into foreclosure.
There are two types of foreclosure: judicial and non-judicial foreclosure.
Judicial Foreclosure:
A judicial foreclosure means that the foreclosure is a court-ordered legal process. The lender must file an action — a lawsuit — against the homeowner. This process is time consuming and subject to a sequence of events and calendar that consumes months or years. A judicial foreclosure helps by buying the homeowner time to make alternative housing arrangements.
Non-judiciary Foreclosure, or Statutory Foreclosure:
The non-judicial process is made possible by a legal document called a deed of trust. Many western states use deeds of trust in creating home loans. This system avoids a judicial foreclosure, and speeds the foreclosure process. Because the mortgage loan terms specify that default kicks off the sale process right away (without going through the court system), the lender can start the foreclosure process quickly. The the borrower has a fixed period of time (which varies state by state) to either sell the home, or negotiate to solve the financial problem. If the consumer does not accomplish this on their own, the lender then can seize the property and auction off the home to the highest bidder..
What is Foreclosure?
Foreclosure is the legal process through which a lender (most typically a mortgage lender) claims an asset from the consumer borrower. Foreclosure is almost always the result of default on payment. A very important consideration for mortgage payment is that lenders cannot take partial payment on the mortgage monthly payment. What that means is that, unlike a credit card, you cannot mail in a portion of your payment. a mortgage payment is all or nothing. This also means that if you miss one payment, the next month you have to re-pay the current month and all arrears! This, in addition to exotic mortgage products and rising rates, can drive many otherwise financially stable people into foreclosure.
There are two types of foreclosure: judicial and non-judicial foreclosure.
Judicial Foreclosure:
A judicial foreclosure means that the foreclosure is a court-ordered legal process. The lender must file an action — a lawsuit — against the homeowner. This process is time consuming and subject to a sequence of events and calendar that consumes months or years. A judicial foreclosure helps by buying the homeowner time to make alternative housing arrangements.
Non-judiciary Foreclosure, or Statutory Foreclosure:
The non-judicial process is made possible by a legal document called a deed of trust. Many western states use deeds of trust in creating home loans. This system avoids a judicial foreclosure, and speeds the foreclosure process. Because the mortgage loan terms specify that default kicks off the sale process right away (without going through the court system), the lender can start the foreclosure process quickly. The the borrower has a fixed period of time (which varies state by state) to either sell the home, or negotiate to solve the financial problem. If the consumer does not accomplish this on their own, the lender then can seize the property and auction off the home to the highest bidder..
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