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  2. Foreclosure - Wikipedia

    en.wikipedia.org/wiki/Foreclosure

    The proceeds go first to satisfy the mortgage, then other lien holders, and finally the mortgagor/borrower if any proceeds are left. Judicial foreclosure is available in every US state and required in many (Florida requires judicial foreclosure). The lender initiates judicial foreclosure by filing a lawsuit against the borrower. As with all ...

  3. Is It Smart to Buy a Foreclosed Home? Weighing the Pros & Cons

    www.aol.com/lifestyle/smart-buy-foreclosed-home...

    Buying foreclosed homes soared in popularity during the Great Recession as a wave of foreclosures hit the market and drove down prices nationwide. While foreclosure rates since then have fallen ...

  4. Foreclosure investment - Wikipedia

    en.wikipedia.org/wiki/Foreclosure_investment

    The foreclosure process begins when a financially distressed homeowner fails to make a loan payment and is served with a summons from his or her creditors. After service, papers will be filed with the county clerk's office and be made a matter of public record (in some areas the place where deeds and mortgages are registered may go by a different name, such as the office of the land registrar).

  5. Real estate owned - Wikipedia

    en.wikipedia.org/wiki/Real_estate_owned

    If there are no interested bidders, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of the foreclosure property, such as with a mortgage loan made at a high loan-to-value during a real estate bubble. As soon as the beneficiary ...

  6. Here's how NJ homeowners facing foreclosure can get a ... - AOL

    www.aol.com/heres-nj-homeowners-facing...

    Family members and lower income bidders will have an easier time buying foreclosed homes under a law that overhauls the sheriff’s sale process. Here's how NJ homeowners facing foreclosure can ...

  7. Buy a Foreclosure, Get a Break on Closing Costs - AOL

    www.aol.com/2011/05/18/buy-a-foreclosure-get-a...

    Freddie Mac is stepping in to make buying a bank-owned home a sweeter deal for you, reports Inman News. The agency is offering help with closing costs for buyers of Freddie Mac-owned properties.

  8. Bank walkaway - Wikipedia

    en.wikipedia.org/wiki/Bank_walkaway

    A bank walkaway is a decision by a mortgage lender (a bank) to not foreclose on a defaulted mortgage (when the borrower has ceased to make the payments), or to not complete foreclosure proceedings (to "walk away" from the mortgage).

  9. Closing on a house: What to expect - AOL

    www.aol.com/finance/guide-closing-house-expect...

    Here’s what you need to do to get ready for closing: 1. Get a home inspection ... and escrow items at the closing. These fees include property taxes, HOA fees if they apply and utility bills ...