“Foreclosure“, that term may seem obscure to outsiders not used to often hearing legal terms. So what does this expression mean? Foreclosed property means a process in which a house is seized by a bank or a credit agency to be sold at low price on the real estate market. A house sets as foreclosed belonged either to an individual who could no longer pay his monthly payments and other due, or to a developer who went bankrupt. So, it all starts from a situation of distress for some, but help others to access real estate offers much […] Read more
Foreclosed homes, also called finance reversals, are properties resold on the market property to recover monies owed by the former owners. The seller is, that time, a financial institution, which became the owner following a court decision taking place in the framework of a procedure of taking in payment or it can also be a person designated by a Court to proceed to the selling at the former owners’ place (sale by judicial authority).
In the past, there were amazing deals since banks only aimed at recovering the amounts due. This is less the case now. In […] Read more