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What is the foreclosure procedure?

April 26, 2017foreclosure procedure

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What is the foreclosure procedure?

12 Answers

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If a customer defaults, the collateral becomes the property of the pawnshop after the loan is overdue by a specific amount of time.

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Response: If a customer defaults, the collateral becomes the property of the pawnbroker after the loan is overdue.

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Response: If a customer defaults, the collateral becomes the property of the pawnshop after the loan is overdue by a specific amount of time, generally one to two months. Most states require the broker to notify by mail the owner a pledge that he will loose the right to his property unless he redeems it within the stipulated grace period.

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If a customer defaults by not repaying the loan, the collateral becomes the property of the pawnshop after the loan is overdue by a specific amount of time; in Massachusetts is after 4 months. Our state requires the broker to notify, by certified mail, the owner of the pledge, that he will loose the right to his property unless he redeems it within the stipulated grace period which is 21 days.

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Response: If a customer defaults by not repaying the loan, the collateral becomes the property of the pawnshop after the loan is overdue by a specific amount of time, generally one to three months. Some states require the broker to notify, by mail, the owner of the pledge, that he will loose the right to his property unless he redeems it within the stipulated grace period.