Foreclosure- A foreclosure is a situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property/real estate as stipulated in the terms of the mortgage contract. Foreclosure is usually that last resort for homeowners. Although exact number aren’t for certain foreclosure can hit your credit significantly.
Notes:
In some cases, to avoid foreclosures on a home, creditors try to make adjustments to the repayment schedule to allow the homeowner to retain ownership. This situation is known as a special forbearance or mortgage modification. Owners might also attempt or hire someone to attempt a short sale on their property to stay away from foreclosure.
And there is your definition for foreclosure….
- Jeff Buettner
Real Estate Wiz Kid
I need a Arizona Realtor!
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