What exactly is a “Foreclosure”? This video walks viewers through the difference between the foreclosure process and property in foreclosure. If you’re looking to purchase a house foreclosure, or you’re facing house foreclosure, this video will offer you great insights.
The Foreclosure Process
The foreclosure process initiates when an individual has missed multiple loan payments. Missing payments result in a loan falling into default.
Once a loan is in default, the bank or moneylender begins the foreclosure process. The end result of the house foreclosure process is that the property ownership reverts to the bank. At this point, the property becomes a foreclosure.
Property in Foreclosure
For a property to officially become a foreclosure, the foreclosure process must be completed. If you are looking to purchase a house foreclosure, there is no longer a threat that a foreclosed property can be bid on by the previous owner. If your house or property has become a foreclosure, your window of opportunity has closed.
If you are facing house foreclosure and are not sure where to begin, this video may help to clarify a few details for you. However, if you are in need of additional information and legal advice, it is best to hire an attorney.