What is the Whole Deal About the Sale of the Bank Foreclosed Houses?
Last Updated (Tuesday, 30 November 1999 00:00) Written by Administrator Tuesday, 02 June 2009 00:02 All of us know about the various bank foreclosure house sales that take place almost bank every day. However most of us do not know about the real deal behind the sale of the foreclosure houses. Here is a look at what is it all about. The foreclosure of the house starts when a borrower is not able to payback the borrowed amount to the lending institutions. As a result the bank has to seize and foreclose the property which was placed as a guarantee against the loan. The bank as a result has a right to foreclose the property. In worst cases, the owners of the property permit the investors to enter a negotiation with the banks for a short sale. Form short sale it is meant that the concerned party will get a lesser amount of money than the whole loan amount. Short sale is often done by the banks to prolong the whole period for which they can keep the foreclosed house with them. This is a ver
