What are the stages of foreclosure?
• Pre-foreclosure – this is the period of time when the first legal proceedings takes place by the lending institution against the property owner. It is during this period of time that the property owner has a chance to settle their mortgage debt. The property owner can sell the property during this period. If the property is sold during this stage, the owner can avoid having a defaulted loan on their credit history. • Foreclosure Auction – If the debt is not settled and the lender is awarded final judgment by the courts, the lender will sell the property at public auction. • Real Estate Owned Property (REO) – If the property is not sold at auction, the lender regains possession of the property. 4. Who can buy a foreclosure? Anyone! If you have the cash or can qualify for a mortgage, you can buy a Lender-owned property. Buying a foreclosure is just like buying any other property. 5. Can I buy a foreclosure as an Investment? Yes. Foreclosure properties listed on americanforeclosures.com
