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Generally, when real estate is purchased the buyer must borrow the purchase money from a lender. The buyer enters a contract with the lender and one of the terms of the contract is that the lender can take possession of the property and sell it if the borrower defaults on the payments.

Foreclosure is the legal proceeding by which a lender terminates a mortgagor's interest in the property after the mortgagor has failed to make the payments. The foreclosing lender takes possession of and sells property.

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โˆ™ 2013-03-16 13:06:28
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Q: What is foreclosure?
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Related questions

What is a foreclosure dismissal?

Foreclosure dismissal is a simple foreclosure challenge that can be filed to the foreclosure complaint even without an attorney.Added: A foreclosure dismissal is a court order dismissing a foreclosure action.


What is foreclosure help?

Foreclosure help is advice and help you can get from an organization or service that will help you through a foreclosure or help you stop a foreclosure. Foreclosure Help and Hope is an organization that can help.


Can a lien lead to foreclosure?

Check this post, it talks about liens and foreclosure. http://www.foreclosedpropertiesdata.com/blog/foreclosure-help/how-liens-can-lead-to-foreclosure/


What is the best recommended foreclosure website?

There are agencies who can help you to stop foreclosure. I have saved my house from foreclosure and if you have a foreclosure property then those agencies will buy it at a great price. For foreclosure guide you can visit myprgenie.com you will get stop foreclosure guide by 2brothers real estate


What is a consent judgment in a foreclosure?

A consent judgment in a foreclosure is whereby a borrower with a pending foreclosure agrees to get into a judgment for foreclosure. This will not require further legal representation.


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 you save a property in pre-foreclosure?

I'm pre-foreclosure. .complain under rule 1.110 (b) was amended to requiere the verification of residencial mortgage foreclosure. The foreclosure involves my primary residence and is not verified


Can you do Deed in lieu after foreclosure?

deed in lieu after foreclosure?


What is the difference between preclosure and foreclosure?

Be aware that a pre-foreclosure property is not necessarily for sale. The pre-foreclosure stage is the period between the time in which a Notice of Default (in non-judicial foreclosure) or lis pendens (in judicial foreclosure) has been issued to the homeowner and after the property is sold at a foreclosure auction.


What happens to your down payment in foreclosure?

The money is gone after foreclosure.


Do banks or homeowners have foreclosure auctions?

Lenders will occasionally have foreclosure auctions. Homeowners will often sell their property to avoid foreclosure.


Are you still liable for mortgage after foreclosure?

Only if the foreclosure is a court-ordered foreclosure.AnswerThe mortgage is extinguished by a foreclosure proceeding and sale but you may be liable for any deficiency and costs relating to the sale.


Does a Deed in lieu of foreclosure affect credit the same as a foreclosure?

Deed in lieu of foreclosure is not nearly as devastating to your credit as is a full foreclosure. Below is an article about the pros and cons of deed in lieu.


Where can I find free foreclosure listings for Charlotte, NC?

Free foreclosure listings can be found at www.freeforeclosuredatabase.com. This includes government foreclosure listings.


How long will a foreclosure take after lis pendens?

The lis pendens is usually filed at the beginning of the foreclosure lawsuit. If you don't answer the foreclosure complaint, a default judgment will be entered against you, and foreclosure will take place in about 90 days. If you answer the lawsuit, the foreclosure can take a year or more to occur.


What is the land foreclosure process in puerto rico?

judicial foreclosure process


How do you use foreclosure in a sentence?

There is expected to be foreclosure on all the houses on that block.


When was Foreclosure of a Dream created?

Foreclosure of a Dream was created in 1992-10.


What happens when Rented property goes into foreclosure?

It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.


Procedural requirements in a foreclosure of mortgage?

Foreclosure procedure is addressed by state statutory laws. You need to search online for "your state + foreclosure procedure".


Who is the Foreclosure King?

Steven J. Baum, the Foreclosure King of New York, Worth $50 Million. I consider him the foreclosure king. No doubt.


What happens if the person filing for foreclosure dies?

A person doesn't "file for foreclosure". A bank or other lender takes possession of property by foreclosure procedure after the owner (mortgagor) of the property has defaulted on the mortgage. The procedure varies in different states. If the mortgagor dies during the foreclosure proceeding the lender can continue the foreclosure process against the estate. The death of the mortgagor may delay the proceedings until the heirs have been given notice of the foreclosure, depending on how far along the foreclosure has progressed. If the mortgagee (lender) dies during the foreclosure proceeding their estate representative can continue the foreclosure once appointed by the court.


What happens if a farmer could not make his mortg age payments?

The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.


What websites can a person visit to find out more information regarding free foreclosure listings?

The website 'Bigger Pockets' and 'RealEstate' offer information on finding free foreclosure listings including advantages and disadvantages of foreclosure. One can see free foreclosure listings on the 'Watch Foreclosure' website.


What is the time frame between foreclosure and sheriff sale?

The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale.If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.