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 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