Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:
Ohio Foreclosures Free Listings Foreclosure Land For Sale In Texas Foreclosure Housing Arizona Dothan Foreclosures Foreclosure Property Listing In Tx Foreclosure In Dallas Bank Foreclosures Nys Kerr County Home Foreclosures Georgia Foreclosure Homes Acreage Texas Veterans Foreclosure Rates Of Foreclosures Chase Foreclosures Fl Troy Young Fayetteville Foreclosure Foreclosure Deficicy Foreclosure In Ky Foreclosure Properties In Nj Foreclosures In Phx Foreclosure Indian Listing House In Foreclosure Citifinancial Services Inc Foreclosure Kentucky Foreclosure Rate Foreclosure Free Houses Kennesaw Acworth Foreclosures Perry County Foreclosures Government Free Foreclosure Information Real Estate Foreclosure Riverside County Foreclosure Ms Harrison County Option One Mortgage Foreclosure Homes Foreclosure Charleston South Carolina Burkina Faso Foreclosure Mortgage Credit Bureau Foreclosure Real Estate Foreclosure Listings State Real Estate Listings Property Foreclosure Foreclosures In Delaware Amc Foreclosure Department Foreclosure Homes Lake Tahoe Delaware Governemnt Home Foreclosures Colorado Bank Foreclosures Process For Buying Foreclosures Foreclosures In Hendricks County Indiana Maine Government Foreclosure Foreclosures Fulton Co Oh Law Foreclosure Wake County Nc Great Falls Virginia Foreclosures Property Tax Foreclosure Sales Oahu Interest Mortgage Quote Rate Foreclosure Foreclosure Listings Forclosed Home Sheriff Foreclosures Rancho Santa Fe Foreclosures Foreclosure Apts In Nyc
Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright. The borrower/owner can walk away with something to show for any equity in the property and avoid a bad mark on his or her credit history. The buyer has time to research the title and condition of the property and can realize discounts of 20-40 percent below market value.
If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will then typically clear the title and perform needed maintenance and repair; however, the potential bargain for these REO homes is typically less than a pre-foreclosure or auction property. Bank foreclosures can become government foreclosures if the loan is backed by a government agency such as the Department of Housing and Urban Development (HUD) or the Department of Veterans Affairs (VA). In that case the government agency would be responsible for selling the property.