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Foreclosure is the legal process by which the lender takes over and sells the home when the homeowner defaults on the mortgage. A forced foreclosure is slightly different from a general foreclosure. In a forced foreclosure, the house is foreclosed because the homeowner defaulted on any of the terms and conditions of the mortgage that would allow him or her to stay in the home. If you are a homeowner, it is important for you to read and understand the terms and conditions of the mortgage. There may be clauses that would allow the lender to foreclose your home besides a default in the monthly payments.

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โˆ™ 2011-11-05 20:01:48
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Q: What is the difference between a forced foreclosure and a foreclosure?
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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.


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the lender can seek a deficiency judgment against the homeowner in court


What's the difference between a foreclosure auction and a regular auction?

A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.


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There is not a need to hide assets before a foreclosure. You will owe the difference between what the house is sold for and what you owe on it, but you will have time to pay this.


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