Property Foreclosure By Power of Sale Dissected
Perhaps the easiest and certainly the fastest method of property foreclosure is property foreclosure by power of sale. This is not allowed by a few states, but most states recognize this kind of mortgage property foreclosure. In this foreclosure method, the lien holder has all the power. The proceeds of any sale will typically satisfy needs in this order- that of the mortgage first, that of the lien holders second, and lastly that of the mortgager. This kind of mortgage is quite accepted in most jurisdictions, but note that in some it might not be recognized, so always secure good legal counsel well beforehand.