Foreclosure Process
The foreclosure process is lengthy and the time frames for when the lending institution begins the process vary. Real estate is county and state specific so foreclosure processes will definitely vary from state to state. Other factors may impact the process including the increasing availability of personal loans for owners facing foreclosure; present homeowners [...]
Foreclosure is complicated so there are several types of foreclosure:
Foreclosure by Judicial Sale
The most important type of foreclosure is foreclosure by judicial sale. This is available in every state and is the required method in many. It involves the sale of the mortgaged property done under the supervision of a court, with the proceeds [...]
From Wikipedia:
Foreclosure is the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner’s failure to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”. Commonly, the violation of the mortgage is a default [...]