WHAT IS FORECLOSURE?
Recently, millions of Americans are experiencing foreclosure as a result of not
being able to afford their mortgages. Do you know what foreclosure is? Do you
understand how and when foreclosures happen? What is the
impact of foreclosure on credit? Are homeowner's that are going
through foreclosure going to ever have the opportunity to get their home back?
Can you buy a home that is in foreclosure? No matter if you are a homeowner or
buyer or an investor looking to take advantage of a good foreclosure purchase
deal, it is critical that you understand how the process of foreclosures works.
Foreclosure is the last phase in a course of action a lender takes
when attempting to recover their money from a borrower that has
defaulted on their loan. The bank will either sell or seize
possession of the home with the end result being a bank foreclosure
or foreclosure auction.
The last stage on the way to foreclosure is the notice of default,
also known as the NOD. At the conclusion of the NOD, there is a
reinstatement period in the process prior to the house being put for
sale at auction. If the homeowner is unable to catch up on the
defaulted loan during this time frame, a notice of sale will be
posted at the property, sent to the owner and listed in the
newspaper and the home is placed for sale at auction.
During the auction phase of the foreclosure process, the home can be
sold to the highest bidding party. The highest bid must satisfy the
reserve that is set by the bank to recover their loan balance,
interest and additional fees. If their is no bidding price that
meets these terms, the property will become repossessed by the bank.
At that moment, the home will become bank or REO (real estate owned
property) and can now be bought directly from them, usually with a
How Foreclosures Work
Understanding the Foreclosure Process
How to Avoid Foreclosure
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