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Foreclosure: Definition, Process, Downside, and Ways To Avoid
Klara Miles редактировал эту страницу 2 месяцев назад
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 Foreclosure
- Distress Sale
- Notice of Default
- Other Real Estate Owned (OREO)
What Is Foreclosure?
Foreclosure is the legal procedure by which a lending institution attempts to recover the quantity owed on a defaulted loan by taking ownership of the mortgaged residential or commercial property and offering it. Typically, default is set off when a customer misses a specific number of month-to-month payments, but it can also happen when the customer fails to satisfy other terms in the mortgage file.
- Foreclosure is a legal process that allows lending institutions to take ownership of and offer a residential or commercial property to recuperate the quantity owed on a defaulted loan.
- The foreclosure procedure differs by state, but in general, loan providers attempt to work with borrowers to get them caught up on payments and avoid foreclosure.
- The most recent national average variety of days for the foreclosure process is 762
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