What Is Foreclosure?

That word gets thrown around a lot, but do you know what it means?

It is when someone who has borrowed money from the bank to pay for a property missed payments. When payments are missed then the institution that lent the money for the purchase of the property can decide to foreclose the home. Missing payments means the mortgage is in default.

In plain English, if you miss payments, the bank can take your home. The bank can take possession of the property or sell it. In most cases, a bank opts to sell.

You should know that many banks can declare that you are in default after three missed mortgage payments.

Foreclosure is an unfortunate situation, but it can be avoided. If you think your financial situation has been altered to the point where you cannot make payments on your home, please consider selling before the mortgage is in default. There is no shame in selling your home under these circumstances. It is better to sell it yourself than to have the bank come in, foreclose on the property and sell it themselves.

When you need special help, I have the experience to sell or help you buy a foreclosure, bank owned property, or short sale without headaches. Many properties of this nature can be purchased at below market prices even in with current market trends.

Click on the title of this post to go to my website and learn more.