what is a mortgage foreclosure

A company separate from the lender, called a "servicer," often handles the day-to-day management of a home loan, while a foreclosure trustee might become involved if the borrower stops making payments and a nonjudicial foreclosure becomes necessary.

Foreclosure is the process in which a lender takes back possession of an unpaid property. When a borrower defaults on their mortgage payments, the lender will foreclose. Mortgage lenders put foreclosed properties up for sale.

Foreclosure. A procedure by which the holder of a mortgage-an interest in land providing security for the performance of a duty or the payment of a debt-sells the property upon the failure of the debtor to pay the mortgage debt and, thereby, terminates his or her rights in the property.

Foreclosure example. Luigi has been delinquent on his mortgage payments for his mansion. He missed one last month and thinks he’ll miss another next month. His lender, a local bank, sends him a.

BREAKING DOWN ‘Mortgage’. In the case of a foreclosure, the bank may evict the home’s tenants and sell the house, using the income from the sale to clear the mortgage debt. Mortgages come in many forms. With a fixed-rate mortgage, the borrower pays the same interest rate for the life of the loan.

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Foreclosure is one of the most frightening and stressful experiences you can go through as a homeowner. If you fall behind on your mortgage payments then your lender may have the right to foreclose on your home. However, the process for foreclosure differs substantially depending on which state you live in.

Foreclosure Process by which the holder of a mortgage seizes the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract. Foreclosure A situation in which a mortgage lender takes possession of the property because the borrower has not.

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Foreclosure is a situation in which a homeowner is unable to make mortgage payments as required, which allows the lender to seize the property, evict the homeowner and sell the home, as stipulated in the mortgage contract.

What Is Foreclosure? A foreclosure ends with a trustee’s sale, where the highest bidder receives the property. The disbursement of funds from the sale pays off the mortgage. If any monies remain after paying the mortgage, then a mortgage foreclosure surplus exists.

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