Posts tagged Foreclosure Process
What is Foreclosure?

When a homeowner is unable to make payments on their mortgage, the lender gains the right to take control of the property, evict the homeowner, and sell the home. This legal process is known as foreclosure.

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Will Buying a Home in Foreclosure Reduce Neighborhood Home Values?

One of the best ways to find a home selling for well under its market price is to try to buy a home that’s in foreclosure. While buying a home in foreclosure may be able to get you a fantastic deal, it can also come with some serious risks and considerations. One of the most important things to consider is how homes in foreclosure may reduce neighborhood home values.

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Which States Use Judicial Foreclosure? Which Use Power of Sale?

When it comes to home foreclosures, some states allow lenders to sell a home without going through the court system using a provision in a mortgage called “power of sale.” States which don’t allow power of sale force lenders to attempt a judicial foreclosure in order to repossess and eventually sell the property.

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What is Pre-Foreclosure?

Pre-foreclosure refers to a specific period of time early in the foreclosure process. Pre-foreclosure is when the property is in the infant stages of being repossessed by the bank. This period begins when the lender files a default notice on the property, effectively letting the borrower know that legal action will be pursued by the lender should the borrower not submit the delinquent payment.

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