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Foreclosure: Definition, Process, Downside, and Ways To Avoid
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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 tries to recuperate the amount owed on a defaulted loan by taking ownership of the mortgaged residential or commercial property and selling it. Typically, default is activated when a customer misses out on a specific variety of regular monthly payments, but it can also happen when the debtor fails to satisfy other terms in the mortgage file.
- Foreclosure is a legal process that allows lenders to take ownership of and sell a residential or commercial property to recuperate the amount owed on a defaulted loan.
- The foreclosure procedure differs by state, but in basic, lenders try to deal with borrowers to get them caught up on payments and avoid foreclosure.
- The most recent nationwide typical variety of days for the foreclosure procedure is 762
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