April articles...
Posted on 7/29/05
FORECLOSURE PROPERTIES
Foreclosure properties simply mean those properties that have been
foreclosed. To understand this better we must first know what the term
foreclosure implies. Foreclosure can be defined as the legal process by
which a borrower in default under a mortgage is deprived of his or her
interest in the mortgaged property. If a borrower has not made payments for
a time specified in the mortgage agreement, the lender may sell the property
to pay off the loan. This is what is meant by foreclosure.
In relation to this, foreclosure properties are those properties the rights
to which reside with the lender who lent the money i.e. it is that property
which is put up on the market because the borrower defaulted on the loan.
The lender can be a bank, a government institution or any other private
institution. These properties are potential investment properties.
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HUD buys loans from private mortgage companies when the loan is in trouble through a procedure called assignment. Occasionally, HUD will foreclose on one of its assigned loans. Otherwise, HUD pays off a private lender to obtain title. HUD gets title after the foreclosure. Buying a HUD home that is listed for sale in the newspaper is nothing more than buying a home HUD owns and wants to resell. Search for HUD government properties at Search HUD distressed properties @ www.hudforclosures.com
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additional article...
Posted on: 7/29/05
FORECLOSURE LOAN
Before you can understand what a foreclosure loan is, you must understand
the concept of a foreclosure. A foreclosure is the legal process by which a
borrower in default under a mortgage is deprived of his or her interest in
the mortgaged property. This usually involves a forced sale of the property
at public auction with the proceeds of the sale being applied to the
mortgage debt. When the individual starts missing payments or stops payments
completely, the bank has the right to repossess the property. This is
completely legal because the bank fronted the money for the purchase of the
property and have a contract that says that they assume title if the loan is
defaulted on.
A foreclosure loan is a loan on that piece of property which some one has
stopped making their payments on or has defaulted in making the payments.
When you take such a loan, you have to sign a contract with the bank saying
how and when you intend to pay back the loan. The property is generally
given as collateral to the loan. Once you have defaulted in the payment of
the loan amount, it becomes a foreclosure loan. This means that they person
responsible for the loan had better contact the bank and work something out
or the bank is going to seize the property.
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