Foreclosure: Definition, Process, Downside, and Ways To Avoid
Harold Lovell edited this page 5 days ago


Understanding Foreclosure
bloglines.com
The Process Varies by State

Consequences



-

1. Absolute Auction

  1. Bank-Owned Residential or commercial property
  2. Deed in Lieu of Foreclosure
  3. Distress Sale
  4. Notice of Default
  5. Other Real Estate Owned (OREO)

    What Is Foreclosure?

    Foreclosure is the legal process by which a lender attempts to recuperate the amount owed on a defaulted loan by taking ownership of the mortgaged residential or commercial property and selling it. Typically, default is activated when a customer misses out on a particular number of regular monthly payments, but it can also happen when the customer fails to meet other terms in the mortgage document.

    - Foreclosure is a legal procedure that permits to take ownership of and sell a residential or commercial property to recover the amount owed on a defaulted loan.
    - The foreclosure procedure varies by state, but in general, lenders attempt to deal with customers to get them caught up on payments and avoid foreclosure.
    - The most recent nationwide typical number of days for the foreclosure process is 762