A foreclosure is essentially a legally-forced change in possession, where a lender seizes collateralized property – such as a home – when a borrower is unable to pay the loan. While laws vary by state, borrowers typically have a ‘period of redemption’ to pay loan, interest and foreclosure costs to avoid losing the property. After this period, the lender can exercise their right to take over ownership of the property that was used as loan collateral, and sell it to recover their loan. The borrower is still responsible for any balance due if the sale price is less than the loan. Foreclosure is complex and costly, and nearly always involves legal proceedings.
 

TitleTap

TitleTap

TitleTap provides turn-key websites and marketing tools like Video, Social Media Management, and Email Marketing for Title Agents and Real Estate Attorneys. Get more great marketing tips like this specifically relevant to Real Estate, Title Insurance, Mortgage Lending, and Law by subscribing or visiting our blog above.
TitleTap

Related Post

Eviction Rights and Rules http://bucket.wistia.com/medias/bs6hxyf12j?embedType=async&videoFoam=true&videoWidth=640 The conditions and steps involved in a landlord forcing a tenant to leave a rented property - 'eviction' - are defined by state and local laws. As both landlord and tenants have legal rights, eviction ...
Rental Application Rights http://bucket.wistia.com/medias/jv6hpyy46q?embedType=async&videoFoam=true&videoWidth=640 A landlord renting a property has rights in selecting a tenant. Tenants also have rights about the factors that can be considered in selection. While most landlord-tenant issues are governed by states...
SALES AND MARKETING: How They’re Different…and Why it Matters! Sales and Marketing. In most companies, you can’t discuss the fundamentals of successful business operation without them. And in most organizations, we find that they are often mistaken for one another. “Sales and Marketing” have been joined at the hip for so long that it’s easy to forget ...
Don't Go At It Alone. Download The Free PDF!"10 Uncommon Questions to Ask Before Hiring a Web Designer"

All websites are not created equal! Download a free PDF with all of the questions you need answered BEFORE hiring a web designer.

Download Now