Monday, October 08, 2007

Facing Foreclosure?

Foreclosure is a process in which a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The mortgage holder can usually initiate home foreclosures anytime after a default on the mortgage. Within the United States, several types of foreclosure exist. Two are widely used, foreclosure by judicial sale and foreclosure by power of sale, with the rest being possibilities in a few states.

Foreclosed homes may either be a good opportunity to make money or an unfortunate circumstance for others. Foreclosed properties are often available for between five and fifty percent less value that the true market value and thus can make for a wise financial move on your part.

Anyone interested in entering the home market and who wish to see what is available in foreclosure properties would want to view listings of foreclosure online, which should not pose much of a problem in finding. There are some methods to apply when seeking foreclosure listings and among them are bank foreclosure listings that are often very tempting.

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