What is foreclosure??
Question:
Answer:
Former owner has defaulted on payments and the house has been turned over to the bank holding the loan.former owner evicted.
Generally, the bank is seeking primarily to recover the remaining balance of the loan. If they can get more, they're happy.however, they will willingly take less to cover the remaining balance. Therefore, the lower price.
Note that these houses are generally sold "AS IS." Therefore, the previous owners might have departed in haste and trashed the home. I recommend a thorough home inspection and careful consideration of improvement costs before purchasing a foreclosed home.
Best wishes.
Foreclosure happens when the owner of a home defaults on the mortgage. Often, you'll have to buy the home from a sheriff's auction in which you are bidding against others for the house. Often, you may be bidding against the banking institution which holds the mortgage....
an act or instance of foreclosing; specifically : a legal proceeding that bars or extinguishes a mortgagor's right of redeeming a mortgaged estate
MEANS BEING FORCLOSED ON.
foreclosure means that someone wasn't paying their morgage so their house got seized
Its a home that someone couldn't pay and the bank took it from them, and now they're on the market for sale. Be Carefull with those really low prices that you see on the internet, its usually a bait to get your info.
A lot of foreclosure ads are fake. There are legit ones out there but frankly everyone with a sub-prime loan probably overpaid in the first place so I don;t know how they could be sooo cheap.
They have to be at least what is owed on them. Most sub-prime borrowers didn't put much down either.
your mom
It means the bank is taking back the property. Foreclosure is default on a mortgage. So the bank is closing the account and then selling the house to get their money back.
A proceeding in which the financer of a mortgage seeks to regain property because the borrower has defaulted on payments.
In other words, your house gets repo'd because you fail to make the payments.
If you can't make the payments on the mortgage the bank will take the house. I don't think they really like doing this and really want to unload it so sometimes they will put it out to auction. But I'm not really sure how they recoup their money.
It is when someone can no longer pay their mortgage and the bank forecloses on it. The bank or the lender takes the house back and sell it for the remainder of what is owed to them so if you paid $200 thousand for your house and only paid $50 thousand, the bank is only interested in getting it's $150 back. They would sell it to me for $150 thousand and I would get a real bargain!
that's whe nyou dont pay ..
More Info
http://www.theforeclosuresinfo.com/san-f...
Beautiful christy I found interesting information about your answer here.
http://best-foreclosure-info.blogspot.co...
Good luck!
More Related Questions & Answers...