Define Bank Foreclosure?

Answer When a homeowner defaults on his mortgage, the lender has the right to legally foreclose on a home. The legal definition of a foreclosure can be complex. Essentially, a foreclosure is a repossessio... Read More »

Top Q&A For: Define Bank Foreclosure

How do you define pre-foreclosure?

Pre-foreclosure is a real estate term used to described a process available to homeowners after they default on their mortgage loan.DefinitionA pre-foreclosure home is a home designated by the bank... Read More »

What happens in a bank foreclosure?

When a lender makes a mortgage loan to a borrower, the home being purchased is pledged as collateral against default on the loan. If a borrower defaults, the bank has the right to foreclose on the ... Read More »

Can a bank sue you if you go into foreclosure?

Yes, a bank can sue a borrower for nonpayment on a debt if the borrower goes into foreclosure. However, it is rare and dependent upon the situation as a How De... Read More »

What is meant by bank foreclosure?

You may encounter the term "Bank Foreclosure" when shopping for a house. This means that the house has been repossessed from the prior owner and is now bank property. In most situations, the previo... Read More »