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What does the lender do in order to officially foreclose a property?

April 26, 2017foreclose Lender officially Property

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What does the lender do in order to officially foreclose a property?

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To foreclose a property, lenders have to file a judicial lawsuit. These lawsuits generally last 12 months. The borrower has to resolve the problem or pay the debt within this period. If the borrower is unable to pay the debt, a lender will receive the property at a sheriff sale.