Do home foreclosures involve anyone besides the homeowner and their mortgage lender?
A foreclosure on someone’s home involves more than just the mortgage lender as well as the homeowner. It also involves finding a perspective buyer that will pay off the mortgage loan that the homeowner is no longer able to make mortgage payments. The lender is really in the unfortunate situation as a middle person who is merely trying to have a loan repaid and the only reason they are foreclosing on the home is because the homeowner does not have the ability to pay the mortgage or trusted terms as agreed and that is what requires the involvement of a third party, a buyer, who will typically obtain a mortgage from another source that will assume the kind of responsibility and promises that the original homeowner going through foreclosure is no longer able to do.
