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Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
REO sale property in San Diego, California. Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
Judicial foreclosure: With a judicial foreclosure, the lender files a lawsuit and the borrower is notified of the non-payment. The homeowner has 30 days to make up the missed payments, otherwise ...
A tax sale is the forced sale of property (usually real estate) by a governmental entity for unpaid taxes by the property's owner.. The sale, depending on the jurisdiction, may be a tax deed sale (whereby the actual property is sold) or a tax lien sale (whereby a lien on the property is sold) Under the tax lien sale process, depending on the jurisdiction, after a specified period of time if ...
Key takeaways. Foreclosure occurs when a homeowner stops paying their mortgage for an extended period — typically 120 days following the first missed payment.
An estate sale may also occur because the property owner will be moving or has moved into a new residence where they will be unable to keep their property, such as an assisted living facility, a retirement community, a rest home, or the home of a family member, or in the event of divorce, foreclosure, or relocation.
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
For both legal and practical reasons, the use of foreclosure as a remedy has fallen into disuse. [6] Even where a mortgagee seeks an order for foreclosure from the courts, the courts will frequently order judicial sale of the property instead.