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

What Happens After A Foreclosure

Added March 2, 2010 by Ilyce R. Glink

What Happens After A Foreclosure
Some borrowers wonder why there are so many foreclosures. A reader writes in to tell us that foreclosure is more profitable for banks than loan modifications.
So when a home goes into foreclosure, the bank may have a greater incentive to move the foreclosure forward than working with the homeowner.

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