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The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust".
So if the buyer can’t or doesn’t make payments, the original mortgage lender — not the home seller — would be repaid first from the proceeds of a foreclosure sale. In other words, the ...
Heard that you can score a great deal when you buy a foreclosure home for real estate investments? Buying foreclosed homes soared in popularity during the Great Recession as a wave of foreclosures ...
The types of foreclosures that can occur depend on your home state and mortgage terms. Some foreclosures involve legal action (judicial foreclosures), and others do not (non-judicial foreclosures ...
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).
The Government Accountability Office (GAO) defines an abandoned foreclosure as a mortgage that: has entered foreclosure, the servicer decides to not continue pursuing its interest in a mortgage loan (has stopped the foreclosure proceedings), the servicer has charged off the loan (considers it worthless), and; the home is vacant.
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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 repossesses the property it is listed on their books as REO and categorized as an asset.