What is the difference between a foreclosure and a eviction?
Question:
Answer:
foreclosure is when you can't pay your mortage and you lose your house or your house gets repossessed. an eviction means you are getting kicked out of your house probably from not paying rent.
A foreclosure is a legal action engendered by a lien holder to reclaim collateral due to lack of proper payment on an agreement.
An eviction is a legal action to cause an occupant to be removed from a premises due to default on an agreement.
Sometimes, these two differing actions overlap, depending on the circumstances involved
foreclosure is the first step toward eviction, in other words once the foreclosure takes place and the house is sold the occupants of the house get evicted by the new owner.
foreclouser is when you are home owner is unable to pay the mtg. . the mtg company goes thru the a legal process about 6 mos. with lawyers & the court system is involve and you loose your home.
eviction is when you rent a home or apartment and do not pay rent . the landlord may or may not go thru the legal system to remove you from the property.
More Related Questions & Answers...