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: This means that the bank does not have the ability to simply “take back” the home. Instead, the bank must foreclose on the mortgage or trust deed and then seize the home. Why Do Sellers Go Into Foreclosure
Sellers may stop making payments on their mortgage for a number of reasons. If the seller is unable to pay the outstanding debt of the home or sell the property with a short sale, the property will then go into foreclosure. With this process, the property is attempting to be sold via auction. If the property fails to sell through the auction, the lending institution takes possession of the home. While most foreclosures happen on an involuntary basis, some sellers do voluntarily fall into foreclosure. For example, during the housing market crash between 2005-2008, many homeowners simply walked away from their homes. This was due to the fact that the value of the home had fallen so dramatically that they owed more to their mortgages than what the home was worth. While this temporary solution had adverse effects on these homeowners, it was common during the housing crisis.