By Norma Lewis, LLM I a judicial foreclosure, the property owner gives a mortgage and note to a lender in exchange for a loan. The real property is collateral for the loan. Suppose the borrower fails to repay the loan or otherwise defaults on the loan by failing to follow the loan terms. In that…
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Should you Buy a Foreclosure?
Many buyers consider foreclosed homes when looking for their next house. While an attractive option because of price, this may not be a good fit for every buyer. A home foreclosure is like the repossession of a vehicle or other valuable possession. If a previous owner failed to make their payments on time, the loan…
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