Foreclosure is the legal right of a mortgage holder or other third-party lien holder to gain ownership of the property and/or the right to sell the property and use the proceeds to pay off the mortgage if the mortgage or lien is in default. It is a concept that has existed for centuries.
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Foreclosure is what happens when a homeowner fails to pay the mortgage. More specifically, it’s a legal process by which the owner forfeits all rights to the property. If the owner can’t pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction.
· A foreclosure is a home that belongs to the bank, which once belonged to a homeowner. The homeowner either abandoned the home or voluntarily deeded the home to the bank. You will hear the term the bank taking the property back, but the bank never owned the property in the first place, so the bank can’t take back something the bank did not own.
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As of the end of January, the foreclosure inventory stood 0.51% of all homes with a mortgage – a decrease of 2.20% compared with January and down 22.43% compared with January 2018. There were about 50.
The foreclosure process derives its legal basis from a mortgage or deed of trust contract, which give the lender the right to use a property as collateral in case the buyer fails to uphold his or.
Foreclosure is a legal process that occurs when a homeowner fails to make an agreed upon mortgage loan payment. Learn about the general foreclosure process.
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Foreclosure. Strict foreclosure refers to the procedure pursuant to which the court ascertains the amount due under the mortgage; orders its payment within a certain limited time; and prescribes that in default of such payment a debtor will permanently lose his or her equity of redemption, the right to recover the property upon payment of the debt,