What is a foreclosure

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What is a foreclosure

  1. 1. What is a Foreclosure? By South Florida Investment PropertiesBuy Homes for Cash
  2. 2. Foreclosure Defined A foreclosure is the procedure involving the collection of a mortgaged property due to failure to make mortgage payments.Buy Homes for Cash
  3. 3. The Process  Thislegal process consists of an attempt of the lender to recover the remaining amount of a borrowed loan in which the borrower has ceased to make payments to the lender.Buy Homes for Cash
  4. 4. Residential Mortgage Loan  In a foreclosure involving a residential mortgage loan, the lender is typically a bank or other financial institution.Buy Homes for Cash
  5. 5. Those at Risk for Foreclosure  Who is at risk for foreclosure? Essentially everyone could fall into risk of a foreclosure.  Financialsituations can change quickly and without notice. Those who havent missed payments could easily become those at risk.Buy Homes for Cash
  6. 6. How to Avoid Foreclosure  There are many ways to avoid risk of foreclosure.  One of the easiest ways to prevent foreclosure is to keep track of your mortgage payments and do not ignore letters of warning from your lender.Buy Homes for Cash
  7. 7. Do Not Be Afraid  Do not be afraid to work with your lender and ask about the options available to help you pay your mortgage payments.  You may choose to hire a professional to help you with your financial and legal needs. Various government programs have also been created to help those at risk of foreclosure.Buy Homes for Cash
  8. 8. What to do When Faced with Foreclosure  An attorney with experience and knowledge of foreclosures can help ensure the foreclosure process will be less foreboding than it has to be.  Makenecessary preparations and communicate honestly with your creditor.Buy Homes for Cash
  9. 9. The End A foreclosure does not have to be the end of your financial well-being; a professional can help you decide what foreclosure options are best for you.Buy Homes for Cash

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