Foreclosure: Definition, Process, Downside, and Ways To Avoid
Leo Shiels редактировал эту страницу 2 месяцев назад

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Understanding Foreclosure

The Process Varies by State

Consequences



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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 recover 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 debtor misses out on a particular variety of month-to-month payments, however it can also occur when the debtor fails to satisfy other terms in the mortgage document.

    - Foreclosure is a legal process that permits lenders to take ownership of and offer a residential or commercial property to recuperate the quantity owed on a defaulted loan.
    - The foreclosure process differs by state, but in general, lending institutions attempt to work with customers to get them caught up on payments and prevent foreclosure.
    - The most recent national typical variety of days for the foreclosure process is 762