What Are Foreclosed Houses?
Foreclosed houses are those houses which are repossessed by the lenders when the borrower misses two three monthly installments of the mortgage loan thereby losing the mortgaged house in the hands of money lenders. Lenders give secured loan to the borrower only after having house of the borrower as collateral. When the borrower misses the payments of mortgage loan, lenders repossess the mortgaged home and keep it on auction so as to recover the due debts. First of all, lenders send a payment default notice to the borrower and gives reimbursement time of few days to the borrower. After the reimbursement time gets over, lenders foreclose the mortgaged home and seal it for auction. Lenders proclaim of the auction of the foreclosed house by publishing the auction details in the local newspapers. The auction of foreclosed homes takes either judicially or in a non judicial way. In judicial auction of foreclosed homes, the auction proceedings are accomplished as per legal orders of the county
