Keyword Analysis & Research: foreclosures

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Frequently Asked Questions

What happens when a house goes into foreclosure?

Foreclosure does not occur unless you have a history of late payments or nonpayment on your mortgage loan. When you miss a certain number of payments or just simply stop paying on your mortgage loan, then you are in default under the mortgage loan. Default triggers the lender's right to foreclose.

What does it mean if a home is foreclosed?

When a house is foreclosed, it means the homeowner defaulted on their mortgage payments and was not able to pay off the mortgage despite receiving a notice of default. The lender then starts foreclosure proceedings in court, putting the home up for sale once all the legal documents have been put in order.

How do you buy a home under foreclosure?

How to buy a foreclosed home. There are two main ways to buy a foreclosed home: at auction or through a real estate listing. Once a bank takes possession of a property, it goes to a "public foreclosure auction," during which the bank attempts to sell the property to the highest bidder.

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