What is Foreclosure?
A lot of people get a loan from the bank to buy their new home. A failure to comply with an agreement to pay the mortgage will default in payment of promissory note, secured by the bank or lender on a property. Since the bank keeps the title, technically the house does not belong to the client until it has been fully paid. If a person cannot pay their mortgage payment, the bank or financial institution will take the title for the property and this is foreclosure.
The bank claims the title and possession of the property back in full satisfaction of a debt. Since the bank does not get anything form keeping it, it is best to sell it or the property is exposed to auction.
When the bank auctions a repossessed property, the View the rest of this article
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