Foreclosure

A foreclosure occurs when a bank repossesses a house, usually when the person who bought the house has not made mortgage loan payments over several months. The home owner must vacate the home and the bank sells it in a foreclosure. A foreclosure looks bad on a credit report and will make it more difficult for the person who lost the home to buy another one. Foreclosure is the legal action taken to extinguish a home owner's right and interest in a property, so that the property can be sold in a foreclosure sale to satisfy a debt.

Featured Foreclosure Article

Will Strategic Default, Short Sale Or Foreclosure Hurt Your Credit Score?

Added August 20, 2010 by Ilyce R. Glink

Will Strategic Default, Short Sale Or Foreclosure Hurt Your Credit Score? Will a strategic default, short sale or foreclosure hurt your credit score? A homeowner's loan payments are too high so he considers strategic default, short sale and foreclosure options, but wants to know if it will hurt his credit score. Credit score and credit history will drop if a homeowner completes foreclosure, short sale or strategic default.

Foreclosure Videos

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Pricing A Foreclosure Or Short Sale

January 14, 2009

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Summary:

Buying a foreclosure or short sale is basically the same as buying any property on the housing market. You may be able to get a good deal on a foreclosure or short sale if the market is full, but the market value and property value in your area will drive the pricing and financing the loan. Watch…

Watch Video: Pricing A Foreclosure Or Short Sale