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Types of foreclosure. The types of foreclosures that can occur depend on the state you live in and your mortgage terms. Some foreclosures involve legal action (judicial foreclosures), and others ...
A foreclosure stays on your credit report for up to seven years and will lower your credit score significantly, often by as many as 100 points, according to Equifax.. 2. Focus on improving your ...
Key takeaways. Foreclosure occurs when a homeowner stops paying their mortgage for an extended period — typically 120 days following the first missed payment.
REO sale property in San Diego, California. Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
The foreclosure process begins when a financially distressed homeowner fails to make a loan payment and is served with a summons from his or her creditors. After service, papers will be filed with the county clerk's office and be made a matter of public record (in some areas the place where deeds and mortgages are registered may go by a different name, such as the office of the land registrar).
“Foreclosure floodwaters receded somewhat in 2010 in the nation’s hardest-hit housing markets. Even so, foreclosure levels remained five to 10 times higher than historic norms in most of those hard-hit markets, where deep fault-lines of risk remain and could potentially trigger more waves of foreclosure activity in 2011 and beyond.” [30]
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