Many borrowers are unaware that lenders have the ability to determine and designate when borrowers reach a state of what is known as “Imminent Default”. This is when a borrower is more than likely to default on a mortgage loan agreement.
Read MoreBuying a home in foreclosure can often be a way to get an incredible deal -- but the process can be complex.
Read MoreOne of the best ways to find a home selling for well under its market price is to try to buy a home that’s in foreclosure. While buying a home in foreclosure may be able to get you a fantastic deal, it can also come with some serious risks and considerations. One of the most important things to consider is how homes in foreclosure may reduce neighborhood home values.
Read MoreWhen it comes to home foreclosures, some states allow lenders to sell a home without going through the court system using a provision in a mortgage called “power of sale.” States which don’t allow power of sale force lenders to attempt a judicial foreclosure in order to repossess and eventually sell the property.
Read MorePre-foreclosure refers to a specific period of time early in the foreclosure process. Pre-foreclosure is when the property is in the infant stages of being repossessed by the bank. This period begins when the lender files a default notice on the property, effectively letting the borrower know that legal action will be pursued by the lender should the borrower not submit the delinquent payment.
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