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Understanding Foreclosure

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 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 offering it. Typically, default is triggered when a borrower misses out on a specific variety of monthly payments, but it can also occur when the customer fails to satisfy other terms in the mortgage file.
   
   - Foreclosure is a legal process that enables lenders to take ownership of and sell a residential or commercial property to recuperate the amount owed on a defaulted loan.
   - The foreclosure procedure varies by state, but in basic, lenders attempt to work with borrowers to get them captured up on payments and prevent foreclosure.
   - The most recent national typical number of days for the foreclosure process is 762