texas foreclosures: WHAT IS FORECLOSURE??
- 09/16/07 04:40 PM
Foreclosure is a legal procedure in which property securing a defaulted loan is sold by the lender. This is done to pay the back payments owed and the remaining balance of the borrower's loan. The amount paid by a new buyer at the foreclosure may not cover the full outstanding loan amount, which means the borrower may continue to owe the lender the difference. This is called a deficiency judgement. When it comes to foreclosures, there are primarily two types: judicial and non-judicial. The difference is that the judicial foreclosure requires a lawsuit to be filed in court. A non-judicial foreclosure bypasses the … (0 comments)
Foreclosure is a legal procedure in which property securing a defaulted loan is sold by the lender. This is done to pay the back payments owed and the remaining balance of the borrower's loan. The amount paid by a new buyer at the foreclosure may not cover the full outstanding loan amount, which means the borrower may continue to owe the lender the difference. This is called a deficiency judgement.;)
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