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The types of foreclosures that can occur depend on your home state and mortgage terms. Some foreclosures involve legal action (judicial foreclosures), and others do not (non-judicial foreclosures ...
Before you get a deed-in-lieu of foreclosure, ask your lender if it will waive any deficiency, which is the difference between your home’s value and what you still owe on the mortgage.
When the remaining mortgage balance is higher than the actual home value, the foreclosing party is unlikely to attract auction bids at this price level. A house that has gone through a foreclosure auction and failed to attract any acceptable bids may remain the property of the owner of the mortgage. That inventory is called REO (real estate ...
If you miss four consecutive mortgage payments (or are 120 days late), most lenders begin the process of foreclosure on your home. If you cannot make a mortgage payment — even one — it is ...
A foreclosure rescue scheme is a scam that targets those whose house is facing potential foreclosure. The scheme preys on desperate homeowners whose mortgages are in default by offering to prevent the foreclosure.
If there are no interested bidders, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of the foreclosure property, such as with a mortgage loan made at a high loan-to-value during a real estate bubble. As soon as the beneficiary ...