The term bank foreclosure is one which may seem mysterious to many individuals, especially if they have never experienced one and/or are unfamiliar with real estate terms. Bank foreclosures occur when a current homeowner can no longer pay their mortgage, is deemed to be in default and the bank repossesses the home. There are certain things which all individuals should know about bank foreclosures so that they can be more familiar with the term and prevent this from happening to them.
What the Lender Gains from Foreclosures
The lender will profit in various ways from foreclosing on a borrowers home. The first profit is repossessing the home and putting a stop to any future losses that may occur as a result of the homeowners nonpayment from that point forward. Another way the lender profits from foreclosing on a home is that they will be able to sell the home and try to reclaim what was lost such as loan balance, attorneys fees, court costs and more.
Condition of Title in the Home
When an individual purchases a home in a foreclosure sale, the prospective buyer wants to ensure that title in the home is good and that there will not be any issue...
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