Understanding Foreclosure
The Process Varies by State
Consequences
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1. Absolute Auction
2. Bank-Owned Residential or commercial property
3. Deed in Lieu of Foreclosure
4. Distress Sale
5. Notice of Default
6. Other Real Estate Owned (OREO)
What Is Foreclosure?
Foreclosure is the legal process by which a loan provider attempts to recuperate the quantity owed on a defaulted loan by taking ownership of the mortgaged residential or commercial property and selling it. Typically, default is activated when a borrower misses a particular variety of regular monthly payments, however it can likewise happen when the borrower stops working to meet other terms in the mortgage document.
- Foreclosure is a legal process that allows lenders to take ownership of and sell a residential or commercial property to recuperate the quantity owed on a defaulted loan.
- The foreclosure process varies by state, but in general, loan providers attempt to work with customers to get them captured up on payments and avoid foreclosure.
- The most current national typical number of days for the foreclosure process is 762