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<br>Understanding Foreclosure<br> |
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<br>The Process Varies by State<br> |
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<br>Consequences<br> |
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<br><br> |
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-<br> |
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<br>1. Absolute Auction |
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2. Bank-Owned Residential or commercial property |
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3. Deed in Lieu of Foreclosure |
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4. Distress Sale |
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5. Notice of Default |
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6. Other Real Estate Owned (OREO)<br> |
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<br>What Is Foreclosure?<br> |
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<br>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.<br> |
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<br>- 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. |
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<br>- 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. |
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<br>- The most current national typical number of days for the [foreclosure process](https://jghills.com) is 762 |
