What is the Foreclosure Process and What Are the Benefits of Buying Foreclosure Homes?
Foreclosure process is a procedure which starts when a home owner is unable to pay the loan amount unpaid to the lender or is unable to pay taxes outstanding to the government departments. In both cases the Lender or Government issues a Lis pendens which is a notice for the start of the pre-foreclosure process. Home Owner is given a certain time after the lis pendens is issued to either sell the home themselves through short sales or settle the due amount. After the notice period the foreclosure process starts and the property is put up for auction by the Banks or Government Departments. Benefits of Buying Foreclosure Homes There are several benefits of buying foreclosure homes like: 1. Cash benefit – The property is available at 30 to 50% discount as the Lender wants to recover their loan amount and they do not have any profit making motive. 2. No Legal Hassles – There are no legal hassles when buying a foreclosure home through banks or government departments as all the legal formalit
