2007-01-19 08:37:02 · 7 answers · asked by Sean H 1 in Business & Finance ➔ Renting & Real Estate
foreclosure, is when you have an agreement, and you default on it, the other person will the foreclose, to get the loan amount back form you, or property
2007-01-19 08:40:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Foreclosure is a result of a lot of things. In directly it is high interest rates, exotic loans. a boom in the housing market.
Directly, it is a homeowner that did not pay their mortgage over a period of time and now the bank is in the process of taking back the home.
Foreclosure is also a good investment strategy.
For more info check this site out: http://www.foreclosure.com
2007-01-19 09:22:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Essentially, foreclosure is a law suit by a lender.
When you get a loan on a property you sign a "note" promising to repay the loan. When you don't repay the loan the lender sues you because the lender can't just take the title of the property back from you even if you agreed to it in the mortgage papers. A judge must make that call and the way to get a judge to make a judgment is to to take you to court in a law suit.
2007-01-19 09:16:50 · answer #3 · answered by linkus86 7 · 0⤊ 0⤋
Foreclosure plain and simple is when a lender
takes back a property fpr payment either on a mortgage or personal debt
2007-01-19 08:44:16 · answer #4 · answered by barry h 2 · 0⤊ 0⤋
Usually referred to legallly in terms of a mortgage - when you take out a mortgage on a property, the bank takes security over that property - they lend you the money, but own the house until you pay all the money back. If you default on your agreed repayments, and don't agree a compromise, then the bank is entitled to foreclose - which means taking their asset back - ie your house. Speak to them and see if you can come to an arrangement - it might be worth it - the worst thing to do is let the legal process run its course.
2007-01-19 08:46:14 · answer #5 · answered by Miss Behavin 5 · 0⤊ 0⤋
The lender is taking back the property for payment due to them and not received.
2007-01-19 08:59:30 · answer #6 · answered by Isabella789 4 · 0⤊ 0⤋
termination of a lending agreement
2007-01-19 08:45:12 · answer #7 · answered by Anonymous · 0⤊ 1⤋