What is a foreclosure?

**davidbraken1** · 06-02-2009, 03:31 AM

I'll going to buy new home, right now I am looking for loan, I heard a word "foreclosure" .So may anyone explain me what is foreclosure?

**davidbraken1** · 06-02-2009, 09:43 PM

I am still waiting for any positive response. Please suggest me what is foreclosure.

**jstevenson** · 06-04-2009, 08:30 AM

Just search on google for "what is foreclosure" and you'll find 1000s of articles on the subject, or for short definition type the following in goole:

define:foreclosure

**davidbraken1** · 06-05-2009, 03:57 AM

I am seeking for ideal definition of foreclosure. so that is only reason behind the post. any way thanks for your suggestion.

**rentec** · 06-05-2009, 06:09 AM

In the simplest terms, a foreclosure is a bank owned property that used to be owned by an individual or individuals. There are TONS and TONS of them on the market right now and the banks are highly negotiable. They don't just want, they NEED to offload them right away.

**davidbraken1** · 06-05-2009, 11:39 PM

Thanks for reply I am new to this act. I just want to familiar with all the things.
Thanks again

**joshrose** · 06-08-2009, 02:28 PM

If a property is not sold in pre-foreclosure and not purchased by an investor at the foreclosure sale, then it goes back to the bank or other lien holder who secured the loan. With interest only, 100 percent financing, and other loans offered today requiring little down payment, record numbers of properties are going through the foreclosure process without attracting investor interest in the pre-foreclosure or foreclosure sale stage. These properties eventually land on the desk of someone within a financial institution (bank, mortgage company, etc) that has the responsibility of disposing of these properties. Many institutional lenders carry so many properties that they have entire departments dedicated to this task. Oftentimes, these departments are referred to as REO (real estate owned) or Post-Foreclosure Departments.

**REITrainingWhse** · 06-08-2009, 04:28 PM

Originally Posted by davidbraken1

I am still waiting for any positive response. Please suggest me what is foreclosure.

Well, a FC is a very simple term with a very simple definition.

A FC is a legal process, where the lender takes legal action to collect their collateral for the loan that they provided to a third-party. In other words, because the homeowner (who accepted money from the lender) failed to make payments, according to the terms and conditions that were outlined in the promissory note, the lender is going to take the homeowner's house, which was used as collateral for the lender to secure their money that they gave to the homeowner.

Make sense?

Later!