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Foreclosure: Definition, Process, Downside, and Ways To Avoid
Jacklyn Cottee redigerade denna sida 1 månad sedan
Understanding Foreclosure
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The Process Varies by State
Consequences
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1. Absolute Auction
- Bank-Owned Residential or commercial property
- Deed in Lieu of
- Distress Sale
- Notice of Default
- Other Real Estate Owned (OREO)
What Is Foreclosure?
Foreclosure is the legal process by which a lending institution 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 triggered when a debtor misses out on a particular number of month-to-month payments, however it can also happen when the borrower stops working to satisfy other terms in the mortgage document.
- Foreclosure is a legal procedure that permits lending institutions to take ownership of and sell a residential or commercial property to recover the amount owed on a defaulted loan.
- The foreclosure procedure differs by state, however in basic, lenders attempt to work with borrowers to get them caught up on payments and prevent foreclosure.
- The most recent national average variety of days for the foreclosure procedure is 762
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