Foreclosure is the legal process by which a lender takes control of a property, evicts the homeowner and sells the home after a homeowner is unable to make full principal and interest payments on his or her mortgage as stipulated in the mortgage contract. Source – Investopedia
Q: We started a home loan modification in june. We didn’t have to make payments for 3 months, then we paid our required 3 trial payments. Now after many calls, faxes and paperwork requests, we have been told for 2 months that our loan is “in review.” I’ve heard that others in our situation have …
Foreclosure on a home is the worst possible option for both the mortgage lender and the homeowner. Banks do not like foreclosures, for the simple reason that they cost money. For the homeowner, it means both the loss of the house (and place to live) along with a credit record that has been shredded. The …
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