Homes For Sale in Foreclosure in Burnt Hills NY
Search Homes For Sale in Foreclosure for Burnt Hills NY
Currently there is 1 home for sale in foreclosure in Burnt Hills NY. This home for sale is a judgment of a foreclosure sale. Built in 1925, this home features 3 bedrooms and 1 bathroom. It is listed at $166,643. It consists of 1206 square feet. When the process of foreclosure is over the lender can re-sell the property.
What is a Foreclosure?
A foreclosure is a legal proceeding in which a financial claim or charge against real estate is a lien. If the claim is not paid, the bank or creditor may ask a court to order the real estate sold to pay of the debt. In other words when the holder of the loan fails to pay their mortgage payments, the bank may sell the property to recover lost damages of the failure to repay the loan.
A lien can be classified two ways; voluntary and involuntary. A voluntary lien (such as a mortgage) is when ut us created by the owner's action. An involuntary lien (such as a real estate tax lien) is created by law. It is placed on the home without any action by the owner.
Futher Obligations of the Borrower
The borrower may still be required to pay for the Primary Mortgage Insurance also know as PMI Insurance. When the principal of the primary holders balance is more than 80% of the homes value. This typically happens when the home is sold for less than the remaining balance of the loan.
Alternatives to Foreclosure
Other options such as refinancing the loan, creating a short sale, alternative financing, and making temporary arrangements with a lender may present alternatives to foreclosure.
For more information please contact me anytime at 518-618-8636.
Homes For Sale in Foreclosure for Burnt Hills NY
Comments(0)