What Is a Foreclosure? 4 Things Homeowners Need to Know

What is a foreclosure? When a homeowner doesn’t pay his or her mortgage for an extended period, the bank or entity that lent that money takes possession of the home—which means the current owner must move out.

Foreclosure is a scary word for homeowners, but it’s not all that common today: According to CoreLogic, the foreclosure rate (meaning the percentage of loans in foreclosure) currently hovers just under 1%. During economic downturns, like the housing crisis of 2011, foreclosure rates rose as high as 3.6%.

If you’re struggling to make your mortgage payments, you’ll want to know what foreclosure means and how it works. Here’s what you need to know.

1. What is pre-foreclosure?

If you’re a few days late on a mortgage payment, don’t panic—the bank isn’t going to confiscate your house. In fact, most mortgage contracts have a 15-day grace period, with a late fee of 5% on

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Free Independent Contractor Agreement – Create, Download, and Print

Independent Contractor Agreement

Alternate Names:

An Independent Contractor Agreement is also known as a:

  • Subcontractor Agreement
  • Consulting Agreement
  • Freelance Contract
  • General Contractor Agreement
  • Consulting Services Agreement

What is an independent contractor?

Also known as a consultant or freelancer, an independent contractor is a business or individual that is typically self-employed and provides a product or service for a customer in exchange for monetary compensation.

What is an Independent Contractor Agreement?

An Independent Contractor Agreement is a written contract that spells out the terms of the working arrangement between a contractor and client, including:

  • A description of the services provided
  • Terms and length of the project or service
  • Payment details (including deposits, retainers, and other billing details)
  • Confidentiality, non-solicitation, and dispute resolution clauses

Who can use an Independent Contractor Agreement?

Contractors, freelancers, or consultants who wish to have a written agreement with

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