Thread: What is a foreclosure?

I am still waiting for any positive reply. I am new to his field so I have very little knowledge about foreclosures. May any explain me?

@whitecreg - Your question may not be understood well, maybe thats why you haven't received an answer. I assume you are a buyer interested in foreclosures. If that's the case, you can continue to use your realtor to make offers on foreclosures and let them take care of the paperwork.

Basically a foreclosure is like any other property. Your just making an offer to a bank rather than an individual. If the bank accepts, the same title and escrow process happens as it would if you bought from a non-foreclosed property.

A foreclosure refers to a property that has defaulted on its mortgage dues for several months. It

I have very little knowledge about foreclosures.it's a new target for me.

a "forclosure" is a property that the previous owner has defaulted on their loan and the lien holder (the lender) has forced a sale of the property so that they can get title to the property and sell it to pay off the debt.

After a foreclosure, the lender usually gets title and ownership and then will either try to sell it themselves or will list it with an agent to sell it.

Usually, there is some kind of "right of redemption" that can last anywhere between 1 and 3 years depending upon the state the property is located in.

This right of redemption, referred to as "statutory right of redemption" is the right for the original owner to pay everyone off and reclaim their property. The "pay everyone off" part usually includes interest, penalties, court costs, etc. PLUS 12% interest on top - not a very good idea for the original owner.

[COLOR=black][FONT=Verdana]At auction you will get what

Okay, if you are trying to ask for real estate terms and definitions. You could check the link below. Otherwise, restate your query..

http://www.realestateabc.com/glossary/

Originally Posted by whitecreg

What terms and conditions apply in foreclosure?
May any one suggest?

I am confused... What terms and conditions, in regards to what? The note? The Sale? The ???

Let us know what you are seeking, and I am sure we can help!

Later!

Originally Posted by whitecreg

I am still waiting for any positive reply. I am new to his field so I have very little knowledge about foreclosures. May any explain me?

Perhaps you can let us know which specific area of you want us to start with. Narrow down your question would help us to help you. If you are a totally newbie to foreclosure, PM me, I'll send you an ebook which answers all foreclosure questions in general.