Difference between revisions of "Foreclosure"
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| − | A '''foreclosure''' is a [[court]] proceeding | + | A '''foreclosure''' is a [[court]] proceeding where a party seeks to require real estate to be sold in order to meet a contractual or legal obligation. |
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| + | The two most common reason for foreclosure are: | ||
| + | *the homeowner is in default on the [[mortgage]]; to avoid foreclosing on a home, [[creditor]]s may agree to make adjustments to the repayment schedule (called a mortgage modification, or a forbearance) to allow the homeowner to retain ownership. | ||
| + | *the property owner has unpaid property taxes or other liens (such as liens to mow unkempt lawns or to remove debris) | ||
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[[Category:Legal Terms]] | [[Category:Legal Terms]] | ||
[[Category:Real Estate]] | [[Category:Real Estate]] | ||
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Latest revision as of 23:43, March 9, 2018
A foreclosure is a court proceeding where a party seeks to require real estate to be sold in order to meet a contractual or legal obligation.
The two most common reason for foreclosure are:
- the homeowner is in default on the mortgage; to avoid foreclosing on a home, creditors may agree to make adjustments to the repayment schedule (called a mortgage modification, or a forbearance) to allow the homeowner to retain ownership.
- the property owner has unpaid property taxes or other liens (such as liens to mow unkempt lawns or to remove debris)
