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 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