What is the Definition of Foreclosure?

Answer Foreclosure is a legal process that occurs when a property owner no longer can make payments on a loan. As a result, the property is seized and likely sold to repay the mortgage debt.FactsThe prope... Read More »

Top Q&A For: What is the Definition of Foreclosure

What is the definition of mortgage foreclosure?

A mortgage foreclosure occurs when a lender takes legal possession of a property because a borrower has become delinquent in his mortgage payments. It is the option of last resort for most lenders.... Read More »

How to Negotiate the Best Offer on a Foreclosure or Pre Foreclosure?

Just because you’re not an expert doesn’t mean you should be too intimidated to make an offer on a foreclosure. You don’t have to start with offering more than you ideally want to pay because... Read More »

How to Avoid Foreclosure When Already in Foreclosure?

Avoiding a foreclosure after a lender begins the process isn't impossible. Foreclosures are costly to mortgage lenders. For this reason, lenders are generally eager to work out an agreement with bo... Read More »

What is a HUD foreclosure?

Simply put, a Department of Housing and Urban Development (HUD) foreclosure is executed on a home financed with a HUD guaranteed loan. In a HUD mortgage, the Department of Housing and Urban Develop... Read More »