Just wondering cuz I was watching Extrem Makeover: Home and they meantioned something about that.
2007-02-18 16:24:10 · 3 answers · asked by Girly♥ 7 in Business & Finance ➔ Credit
I saw that too...great episode.
Foreclosure basically means that the bank claims the title and possession of the property back in full if the mortgage is not paid in a timely matter.
Luckily in this case a fundraiser was put in place to raise $200,000.00 for the family to pay the bank.
Hope this helps.
God Bless..
2007-02-18 16:33:21 · answer #1 · answered by ye 4 · 1⤊ 0⤋
This is a procedure that a bank or lender use to take back the collateral used to protect money they have lent on a home.
There are two types, some states use both like New York, but most only use one. The states that do use both normally have a predominate one.
#1 Non-judicial
The state has already set a law pertaining to the procedures as to what will take place and the order in which it will take place as well as the time frame in which it is to take place.
#2 Judicial
The lender has to go to court to complete the foreclosure, the person in foreclosure has to defend him/herself during these procedures.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-02-19 00:38:30 · answer #2 · answered by Skip 6 · 1⤊ 1⤋
It is the legal proceeding mortgage banks go through to take your house away from you and kick you out of it if you can't pay your mortgage.
2007-02-19 00:28:20 · answer #3 · answered by opinionator 5 · 1⤊ 0⤋