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January 20, 2010 at 4:47 PM #504856January 20, 2010 at 5:34 PM #503989ugsfugsParticipant
This is the follow up point I wanted to make, but I don’t know a ton about it. Perhaps, this is what makes it practically too difficult for the feds to go after borrowers. I have heard the judicial foreclosure process is pretty difficult/a pain. Additionally, the borrower would have a right of redemption for a year, meaning he could come in and pay back what he owed on the loan and take back the house. As result, the property would be tied up/unsaleable for that entire period, the full year. This is what may make this less of an issue.
I still have the federal preemption issue in the back of my head. Do the feds have a rule that would preempt the one-action rule? Not sure. Maybe it is unlikely.
January 20, 2010 at 5:34 PM #504132ugsfugsParticipantThis is the follow up point I wanted to make, but I don’t know a ton about it. Perhaps, this is what makes it practically too difficult for the feds to go after borrowers. I have heard the judicial foreclosure process is pretty difficult/a pain. Additionally, the borrower would have a right of redemption for a year, meaning he could come in and pay back what he owed on the loan and take back the house. As result, the property would be tied up/unsaleable for that entire period, the full year. This is what may make this less of an issue.
I still have the federal preemption issue in the back of my head. Do the feds have a rule that would preempt the one-action rule? Not sure. Maybe it is unlikely.
January 20, 2010 at 5:34 PM #504531ugsfugsParticipantThis is the follow up point I wanted to make, but I don’t know a ton about it. Perhaps, this is what makes it practically too difficult for the feds to go after borrowers. I have heard the judicial foreclosure process is pretty difficult/a pain. Additionally, the borrower would have a right of redemption for a year, meaning he could come in and pay back what he owed on the loan and take back the house. As result, the property would be tied up/unsaleable for that entire period, the full year. This is what may make this less of an issue.
I still have the federal preemption issue in the back of my head. Do the feds have a rule that would preempt the one-action rule? Not sure. Maybe it is unlikely.
January 20, 2010 at 5:34 PM #504623ugsfugsParticipantThis is the follow up point I wanted to make, but I don’t know a ton about it. Perhaps, this is what makes it practically too difficult for the feds to go after borrowers. I have heard the judicial foreclosure process is pretty difficult/a pain. Additionally, the borrower would have a right of redemption for a year, meaning he could come in and pay back what he owed on the loan and take back the house. As result, the property would be tied up/unsaleable for that entire period, the full year. This is what may make this less of an issue.
I still have the federal preemption issue in the back of my head. Do the feds have a rule that would preempt the one-action rule? Not sure. Maybe it is unlikely.
January 20, 2010 at 5:34 PM #504873ugsfugsParticipantThis is the follow up point I wanted to make, but I don’t know a ton about it. Perhaps, this is what makes it practically too difficult for the feds to go after borrowers. I have heard the judicial foreclosure process is pretty difficult/a pain. Additionally, the borrower would have a right of redemption for a year, meaning he could come in and pay back what he owed on the loan and take back the house. As result, the property would be tied up/unsaleable for that entire period, the full year. This is what may make this less of an issue.
I still have the federal preemption issue in the back of my head. Do the feds have a rule that would preempt the one-action rule? Not sure. Maybe it is unlikely.
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