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  • Foreclosure

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    House in Salinas, California, under foreclosure, following the bursting of the U.S. real estate bubbleForeclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess the property. Therefore, through the process of foreclosure, the lender seeks to immediately terminate the equitable right of redemption and take both legal and equitable title to the property in fee simple.

  • Mortgage repossession

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    Mortgage possession Note in the UK a lender can take possession of a person's home due to default on a mortgage. This process is incorrectly often known as mortgage repossession; however assets can only be repossessed if the lender was the seller, which is often the case with cars but not usually houses. The correct terminology is possession. The process typically involves obtaining firstly an order for possession in the courts, then an eviction warrant. The eviction is carried out by bailiffs. Once the lender has obtained possession, it can then sell the home to recoup any lost arrears. Mortgage possession involves legal proceedings in which a mortgagee, or other lienholder, usually a lender, obtains a court order for possession of a property, prior to exercising the mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults the lender can possesses the property. Mortgage possession is not to be confused with foreclosure. In the United Kingdom foreclosure is a little used remedy which vests the property in the mortgagee with the mortgagor having no right to any surplus from the sale. Because this remedy can be harsh, courts almost never allow it. Instead, they will usually grant an order for possession and an order for sale, which mitigates some of the harshness of the repossession by allowing the sale. It should also be noted that mortgagors can lose their properties by default on their lease; this could occur where there is unpaid ground rent or unpaid rent on a shared ownership property. In this circumstance the property (or rather the lease) would be subject to fortfeiture. Typically a lender on these properties would pay the ground rent and add it to the mortgage debt to avoid losing its rights to the property.

  • KBC Bank Ireland

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    KBC Bank Ireland plc is a bank in Ireland with offices in Dublin, Cork, Limerick, Galway and Belfast. It was established in 1973 as Irish Intercontinental Bank. In 1978 KBC Bank, which is headquartered in Brussels, acquired a 75% interest. KBC Bank acquired a full 100% shareholding in IIB in 1999, and in 2000 changed the bank's name to IIB Bank. On 27 October 2008, the 30th anniversary of KBC's full ownership, the bank was renamed KBC Bank Ireland plc. KBC Bank Ireland provides a wide range of banking services including Corporate, Commercial and Business Banking, Private Banking and Treasury & Capital Markets. Its mortgage division, KBC Homeloans, is a leading mortgage provider in Ireland. KBC began operating a branch network in 2012 with a further build-out in 2014. This follows the exit of Halifax Ireland and Danske Bank from the Irish retail market, with some branches being located in former locations of those banks. KBC are the bank that initiated a high profile violent property repossession in Strokestown, in County Roscommon in December 2018

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