Understanding Foreclosure

The Process Varies by State
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Consequences

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1. Absolute Auction

1. Bank-Owned Residential or commercial property
2. Deed in Lieu of Foreclosure
3. Distress Sale
4. Notice of Default
5. Other Real Estate Owned (OREO)
   
   What Is Foreclosure?
   
   Foreclosure is the legal procedure by which a lending institution tries to recuperate the amount owed on a defaulted loan by taking ownership of the mortgaged residential or commercial property and selling it. Typically, default is activated when a customer misses a particular variety of month-to-month payments, but it can also occur when the debtor fails to meet other terms in the mortgage file.
   
   - Foreclosure is a legal process that enables lending institutions to take ownership of and offer a residential or commercial property to recover the amount owed on a defaulted loan.
   - The foreclosure process differs by state, but in basic, lending institutions attempt to work with customers to get them caught up on payments and avoid foreclosure.
   - The most recent national typical variety of days for the foreclosure procedure is 762