In the world of real estate, foreclosures can be costly and detrimental for your credit rating. Foreclosures happen when you have a loan or mortgage on a property that you own, that has become past due. This could be your house, business, or even a piece of land. When you borrow the money to buy a property, such as a house, you are making an agreement with the lender to pay a specific amount of money on a regular schedule.

If these payments aren't made on time, and are more than 30 days past due, the lender may initiate a foreclosure on your property. Essentially they are saying that since you cannot pay for the property they are going to take it back from you.
Foreclosures are usually initiated by the lender that you borrowed the money from. They will notify you that your loan is in default and that if you do not pay what is owed by a certain date that the property will be seized. This means that you will lose the property for good if you do not pay by that date. It does give you the chance to pay all of the back monies owed or to sell the property in order to cash out any equity you may have in the property.

Lenders can also issue a deed in lieu of foreclosure. Essentially they are still reclaiming the property but they have the right to sell the property which is often done through auctions or foreclosure sales. Basically the lender is trying to get back any money still owed on the property. This is by far the worst alternative for the person who owns the property. Typically the lender is selling the property at a greatly reduced rate which means you will not see a dime from the sale, and may even still owe money after the foreclosure and sale takes place. If you need information about foreclosures or real estate investing, stop by our website.

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