A Foreclosure is a property that the bank has taken possession of via a legal process after a previous owner could not make payments, typically after 90 days a property is placed on notice Via a Lis Pends and after a amount of time and notifications then a final judgment is created and submitted to the courts with all back due fees, attorney fees, any interest and penalties. If the current owner can not pay the amount or work out a modification with the lender the property goes to a foreclosure sale that is public. If no one buys the property at the public sale the property is taken back by the lender and becomes a Bank Owned property also know as an REO ( Real Estate Owned ) or a Foreclosure. Whether you are facing foreclosure or looking to purchase a foreclosure contact us and let us know how we can help!
The above is not indented to be legal advice in anyway this is just a short simplified description of the process of a Foreclosure. Please consult an attorney for detailed info.