What Is A Foreclosed Property And What Happens During The Foreclosure Process?

Foreclosure is a complex process that occurs when a homeowner defaults on their mortgage payments, prompting the lender to take possession of the property. Understanding this process is important for potential buyers looking to purchase a foreclosed property at a lower price, as well as for homeowners facing foreclosure who may explore options such as loan modifications, refinancing, or assistance programs to avoid losing their homes.

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