Question:

How do foreclosures work?

Answer:

Many wannabe homeowners consider buying property in foreclosure, and will want to know how foreclosures work having in mind how much cheaper it will come out to get a house in foreclosure.

Some homebuyers will prefer to contact homeowners directly without waiting for the foreclosure sale to come.

How do foreclosures work?

Foreclosures will work differently in different states. For example, some states will have the owner occupy the foreclosed property for more than a year after the foreclosure sale, while some will have the tenants vacate the house in 3 to 4 months.

Also, borrowers always have a redemption right - that is, the right to reinstate the mortgage if they cover all foreclosure expenses, plus late payments plus any interest due.

You should contact the local county office to see foreclosure listings if you are really decided to get a foreclosure property.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: