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: A foreclosed home is a home that once belonged to the homeowner but may belong to the bank. The reason for the bank owning the home is because the homeowner simply stopped or was unable to continue making the necessary payments for the home. In these situations, the homeowner either vacates the home or voluntarily deeds the home to the bank. In this event, the homeowner forfeits all legal rights to the property. However, it’s important to consider in these situations that the home never technically belonged to the bank. 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.