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General:
- When a person defaults in the payment of a loan, the Lender (Seller) can recover the money due him through the lawful process of foreclosure. Foreclosure is the system by which a person’s right to a property is terminated due to default of payment.
- Foreclosure involves a forced sale of the property through an auction.
- The Borrower (Buyer) must be in default of payment for at least a month before the process of foreclosure can begin.
- The Lender (Seller) will be able to bid at the auction.
- Most foreclosures do not involve the courts.
Requirements from Lender:
- Full name and address of the Lender
- Full name and address of the Borrower
- Initial Purchase Price/Loan Amount
- Information on Default (e.g. down payment, other deposits & final payment)
- Lawful Description of Property
- Copy of Title (Conveyance, Land Certificate, etc.)
- Copy of Appraisal
- Copy of Purchase Agreement and Mortgage and any other agreement
Fees:
The fee for our foreclosure service is US $1,000.00 or 5% of loan (whichever is greater), plus general sales tax, administrative costs, transportation costs and filing/research fees which are payable in advance.
This fee does not include the Advertising Costs, Appraiser’s Fee, the Auctioneer’s Fee, Title Search, Transfer of Title or any additional service.
Any additional time other than incidentals above will be charged at US $75.00 per hour plus administrative fee and general sales tax of 10%.
Optional Services and Fees:
| Title Search for Declared Land |
US $250.00 |
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| Title Search for Undeclared Land |
US $500.00 |
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| Purchase Agreement |
US $500.00 |
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| Escrow Agreement |
US $250.00 |
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| Escrow Services |
US $500.00 |
(For properties that cost US $100,000. or less) |
| Escrow Services |
US $1,000.00 |
(For properties that cost between US 100,001 and US $200,000) |
| Escrow Services |
US $2,000.00 |
(For properties that cost between US $200,001 and US $500,000) |
| Escrow Services |
½ % of the value |
(For properties that cost more than US $500,001.) |
| Complete follow up of transactions |
US $500.00 |
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| Charge |
US $150.00 |
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| Discharge of Charge |
US $150.00 |
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| Mortgage |
US $500.00 |
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| Cancellation of Mortgage |
US $250.00 |
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| Transfer of Title for Declared Land |
US $250.00 |
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| Transfer of Title for Undeclared Land |
US $500.00 |
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| Strata Title for Condominiums |
US $500.00 |
per unit |
| Review of contract for recommendations |
US $500.00 |
minimum or ½% (whichever is greater) |
Plus general sales tax of 10%, administrative fees and filing fees.
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