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Foreclosure. It seems half the country is in it and the other half is trying to make a killing on it. The number of foreclosed homes staggers the imagination and with more adjustable-rate loans.
Foreclosure is what happens when a homeowner fails to pay the mortgage. More specifically, it’s a legal process by which the owner forfeits all rights to the property. If the owner can’t pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction.
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A non-REO foreclosure, or non-real estate owned foreclosure, is a foreclosure process that ends without the lender taking ownership of the property. more How Capital Improvements Can Soften a Tax Bite
A public foreclosure auction can occur when ownership of the property officially transitions to the bank. If the property is not sold during the public foreclosure auction, the property is then listed with a real estate agent. You can purchase the property from the bank through a real estate agent once the property has been listed.
· An equity loan can cost you your home, just the same as a primary mortgage. Your equity loan is a contract. If you default on that contract, the other party, the lender, has the right to claim its collateral. The foreclosure process is more complicated when a home equity lender wants to foreclose, due to a first lien.
Foreclosure is the legal right of a mortgage holder or other third-party lien holder to gain ownership of the property and/or the right to sell the property and use the proceeds to pay off the mortgage if the mortgage or lien is in default.
· Equator.com also provides a free listing of homes in foreclosure. HomePath.com lists properties owned by Fannie Mae (acquired through foreclosure). Besides listings, Fannie Mae’s site.
By the time a pre-foreclosure home is listed by a real estate agent as a short sale, the home will most likely be sold at market value. Banks must approve a short sale for a short sale to take place, and banks hire appraisers and other real estate agents to perform broker price opinions (BPOs), or estimated values of the home.