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What is a bank foreclosure?

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Anonymous

13y ago
Updated: 8/16/2019

It when your mortgage to the bank has been defaulted on and they decide to take back your home to compensate for their lost money.

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Wiki User

13y ago

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Related Questions

Can a mortgage borrower apply for court foreclosure?

No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.


Can a bank take your money from bank after foreclosure?

no


Who initiates a foreclosure?

The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.


What is the difference between a tax foreclosure auction and a bank foreclosure auction?

One is done by the IRS, and the other is done by your bank.


Where can one find bank foreclosure listings?

There are many companies and websites that offer bank foreclosure listings. Some of these companies that offer bank foreclosures are Bank Foreclosures and Zillow.


Should I buy a foreclosure from a bank?

The only way to buy a foreclosure is through the bank. If you want to save money you can try to pay in cash.


How do you stop foreclosure on deceased person's home?

You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.


Can you sell your house while in foreclosure?

You can sell your house while it is in foreclosure. If the price is less than you owe the bank, the bank has to agree to the selling price first.


Can a mortgage company freeze a bank account after foreclosure?

No


What is the process of a bank foreclosure?

Bank foreclosure will first give the customer several months to remove their mortgage. When it cannot be done, the customer loses their asset and it is auctioned off.


How do you know when your house is in foreclosure?

You will be informed by the mortgage company or bank.


What is the address of Bank of America's foreclosure prevention department?

yes