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What Does It Mean When A House Is Foreclosed

Foreclosure is the legal process that allows the lender to repossess a home when borrowers fall far enough behind on their payments. The pre-foreclosure stage can yield some real bargains but most experts agree its the most difficult stage during which to purchase a distressed home.

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While lenders may recover part of their losses by selling a foreclosed home.

What does it mean when a house is foreclosed. So thats something youre going to want to avoid at all costs. The pre-foreclosure stage is the period between the time in which a Notice of Default in nonjudicial foreclosure or lis pendens in judicial foreclosure has been issued to the homeowner and after the property is sold at a foreclosure auction. In your case its likely that the inspector incorrectly thought you had moved out because youve been away.

While your house wont be taken from you during pre-foreclosure its the first step in the whole foreclosure process which notifies homeowners their property is in danger of getting repossessed. Every mortgage contract has a lien on your property. In Foreclosure Equity Remains Yours Foreclosure is a legal proceeding that follows your being in default on your home loan.

A foreclosure is a home thats seized and put up for sale by the bank that gave the original owner a loan. Many home buyers do not understand what foreclosures are and how they work much less a home up for pre-foreclosure. When you see a home listed as foreclosed it means that its owned by the bank.

A foreclosure is a house whose owners were unable to pay the mortgage or sell the property. When a foreclosure is completed the lender usually finds that its losses are higher than the original mortgage amount. But in every case if you have not made a determined number of payments the lender places your loan in default and can begin foreclosure.

Be aware that a pre-foreclosure property is not necessarily for sale. Foreclosure is an often-lengthy legal process when a bank or lender repossesses a home in which the homeowner has defaulted on the payments. By taking legal action against a borrower who has stopped making payments banks can try to get their money back.

A foreclosure property is a piece of real estate that a mortgage lender sells to pay off a defaulted mortgage loan. Most foreclosures end in an auction where the property is sold to a new owner. What constitutes default varies with each loan and with the laws of each state.

If you are looking to buy a house while on a tight budget then you may want to look into pre-foreclosed properties. But how does pre-foreclosure affect your credit score. Every foreclosure culminates in a public auction where the lender sells the.

As a result the real estate lender assumed ownership and is. The bank takes ownership of the home and then sells it at auction. Facing eviction and losing the time equity and love youve put into a home can be a sad and scary prospect.

Foreclosure is the process that lenders use to take back a house from borrowers who cant pay their mortgages. During the foreclosure crisis foreclosure sales frequently resulted in a deficiency which means the property sold for less than the borrower owed the lender. Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged.

Youre Still Responsible for Maintaining the Home During Foreclosure. During foreclosure the servicer usually hires an inspector to do a drive-by inspection to see if you are still living in the property. If your house goes into foreclosure thats going to have a massive effect on your credit score and will do so for years.

A lien allows your bank to take control of your property if you stop making your mortgage payments. If you took out a mortgage you borrowed money to purchase your home and put up the home as collateral.

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