bank: What is foreclosure?
- 02/28/10 12:44 PM
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice or a lis pendens (Latin for “lawsuit pending”) – depending on the state. The default notice is a public record, and for buyers it’s the first step in locating a property in foreclosure. The foreclosure process can end one of four ways: 1. The borrower/owner pays off the default amount to reinstate the loan … (0 comments)
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice or a lis pendens (Latin for “lawsuit pending”) – depending on the state. The default notice is a public record, and for buyers it’s the first step in locating a property in foreclosure.
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