What is foreclosure?

March 22, 2013  //  Posted by: cooldude  //  Category: Foreclosures

foreclosure, real estateHomeowners often take mortgage loans against their house in order to meet financial requirements. The banks or financial institutions offer loans not only to help people in financial but to earn profits from these people in distress. Interest has to be paid regularly by the borrower. But sometimes, the borrower cannot pay the interests or mortgage money. In order to retrieve the money which was given by the bank, the borrower is forced to sell the home.
This legal process where borrower has to sell the home is known as foreclosure.

Facing a foreclosure is a very abject situation where the owner of the home has no other option but to comply with the legal procedure initiated by the foreclosure. In such a situation an attorney can come to the rescue. The borrower can apply for a loan modification process where the terms and conditions for the loan will change. This may help in paying the mortgage amount as monthly installments at lower rates.

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