Foreclosure Property: What Is It?

Foreclosure is the process of a lender seizing and selling a property to a new buyer when borrowers fail to make their mortgage payments as agreed. It enables the lender to recover at least some of the remaining mortgage balance.

The timeline and legal process for foreclosure can vary from state to state, but the end result is the same: The mortgage borrower loses their home. 

What Is a Foreclosure?

A mortgage forms a lien against property, giving lenders the legal right to move in and take ownership in the event that the borrower defaults. The lender will then almost invariably sell the property to recoup financial losses on the home after it takes control of it. Investors and consumers can purchase these homes, often at auctions or directly from the bank or government agency that owns them.

How Does Foreclosure Work?

Foreclosures typically occur because the homeowner

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Foreclosure | USAGov

Learn some of the basics about avoiding and handling foreclosures.

Temporary Mortgage Relief Due to Coronavirus Pandemic

In response to the coronavirus pandemic, under the CARES Act, the owners of single-family homes with federally-backed mortgages can get two types of financial help.

Eviction and Foreclosure Moratorium

An eviction and foreclosure moratorium that went into effect on March 18, 2020, has been extended again. It now continues until August 31, 2020. During that time, homeowners:

Lenders:

Mortgage Forbearance

Federally-backed home loans can get six months of mortgage help. Federal Housing Administration (FHA) reverse mortgages are eligible too.

If you’re having trouble making payments because of the coronavirus pandemic, your loan servicer must:

  • Defer or reduce your payments for six months if you contact your loan servicer to make arrangements

  • Give you another six months of mortgage relief at your request

  • Offer options for how you can make up the deferred or

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Foreclosure – Wikipedia

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments[1] to the lender by forcing the sale of the asset used as the collateral for the loan.[2]

Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)’s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).[3]

Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure

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What Is Foreclosure?

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Foreclosure.com | Foreclosures | Foreclosure Listings

Foreclosure Homes Near Me

Foreclosure.com delivers the best real estate deals first, well before they hit the mass market.

As you know, perfect timing – not just “location, location, location” – is critical when it comes to purchasing a new home and/or investment property at the right (lowest possible) price. That’s because competition drives prices up. At Foreclosure.com, we target low-priced distressed deals – bank-owned homes, government foreclosures (Fannie Mae, Freddie Mac, HUD, etc.) preforeclosure listings, real estate owned (REO) properties and foreclosure auctions, among others – and pass them (and huge savings) onto smart homebuyers (that’s you!).

It’s so simple to find the best real estate deals in your area with Foreclosure.com: It’s one easy search!

And that search can be performed at the state, county and city levels – even the exact address and/or zip code – so that your house hunt hits the ground running. Once you

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