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Foreclosure: Definition, Process, Downside, and Ways To Avoid
Emilie Steinmetz 於 4 月之前 修改了此頁面
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Understanding Foreclosure
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 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 set off when a customer misses a specific number of monthly payments, however it can also occur when the customer stops working to fulfill other terms in the mortgage file.
- Foreclosure is a legal procedure that enables loan providers 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 caught up on payments and prevent foreclosure.
- The most current national average number of days for the foreclosure procedure is 762
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