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Page: Foreclosure: Definition, Process, Downside, and Ways To Avoid
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Foreclosure: Definition, Process, Downside, and Ways To Avoid
Melinda Sear edited this page 2 days ago


Understanding Foreclosure
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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 lending institution attempts to recover the amount owed on a defaulted loan by taking ownership of the mortgaged residential or commercial property and offering it. Typically, default is activated when a borrower misses out on a specific number of regular monthly payments, however it can also happen when the borrower fails to fulfill other terms in the mortgage document.

    - Foreclosure is a legal process that allows loan providers to take ownership of and offer a residential or commercial property to recuperate the amount owed on a defaulted loan.
    - The foreclosure procedure differs by state, but in basic, loan providers attempt to deal with debtors to get them captured up on payments and prevent foreclosure.
    - The most recent nationwide typical variety of days for the foreclosure procedure is 762
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