Title: What Happens When a House Goes Into Foreclosure?
Headings: What Happens When a House Goes Into Foreclosure?
What Happens When a House Goes Into Foreclosure?
What Exactly is a Foreclosure?
Why Do Sellers Go Into Foreclosure
1. Missed Payments
2. Public Notice
3. Pre-Foreclosure
4. Auction
5. Post-Foreclosure
What Happens When a House Goes into Foreclosure
About the author
fritzie

Content: It’s important to understand that a foreclosure is the last resort for banks. And, while the specifics of foreclosure can vary from state-to-state, it’s most simple to break the process down into five stages: 1. Missed Payments
To understand how foreclosures work, remember that most homeowners need to take out a mortgage on their home. This mortgage entails making monthly payments to eventually “pay off” the home. If the homeowner fails the make these mortgage payments on time, this has the potential to transition the home into foreclosure. But, all is not lost if the homeowner fails to make a few payments. The reality is that foreclosures cost the bank a lot of money and headaches. Because of this difficulty, the banks want to avoid the process just as much as the homeowner. That being said, there are options before the house falls into foreclosure.