By Danon Burnside
FORECLOSED PROPERTIES FOR SALE: A guide to your foreclosed properties for sale
A foreclosure is a saddening event, a herald of the tiding that an American’s dream of owning a home has been shattered, albeit temporarily. Ironically, the Covid-19 pandemic lessened the rate at which foreclosures occurred last year, given that lenders were unwilling to foreclose properties and went for novel negotiations instead - unlike what happened in the 2008 global economic meltdown. Nonetheless, for those seeking to own homes or invest in real estate at cheaper sums, finding a deal for foreclosed properties is god-sent. WWW.THEPOWERISNOW.COM
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n this article, we will be guiding you through all you need to know about foreclosed properties for sale, from the finding them to making the decision on whether to purchase one.
WHAT IS A FORECLOSED PROPERTY? A foreclosed property is one in which ownership is transferred to a financial institution or lender as a result of default in the repayment of a loan by the former property owner. The foreclosure process serves to help a lender recover the debt on a defaulted loan. Here’s what you should know about foreclosure and foreclosed properties: •
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Foreclosure occurs when a lender wishes to take over a property because the owner has defaulted in the settlement of a mortgage loan or failed to meet other requirements of a mortgage agreement. Property owners are given 30 days to settle their mortgage obligations before the property is foreclosed. There are several stages involved in a foreclosure process, which may vary for each county. The stages often include Preforeclosure, Short Sale, Sheriff’s Sale Auction and Bank/Government ownership. l
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