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  • Will You Add? - Understanding Real Estate Foreclosures

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    ers are filed at the local county clerk’s office the by the lender’s attorney. Also during this phase, a public foreclosure auction is scheduled.

    The lender gets the first bid at the auction and if no one bids more, than the lender becomes

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    A foreclosure takes place when a person takes out a loan for real estate and finds themselves unable to pay their mortgage each month. This can be the result of a mortgagor unable to satisfy the terms set forth in the lender’s contract. Whatever the borrower was using the loan for is the security for the loan. Banks and lenders and not the ones who give out mortgages, they only use lend money and use the mortgage for loan.

    There are a couple reasons why borrowers enter into foreclosure. A main reason is high interest rates due to an adjustable-rate mortgage. Lenders make the adjustable-rate mortgages look more attractive than the fixed-rate mortgage. Long-term, borrowers cannot adjust to the high interest rate. People can quickly fall behind in their mortgage payments and find themselves in debt to the lender.

    During pre-foreclosure, the lender/bank sends the mortgagor several payment notices. If after several payment notices go unpaid, the foreclosure papers are filed at the local county clerk’s office the by the lender’s attorney. Also during this phase, a public foreclosure auction is scheduled.

    The lender gets the first bid at the auction and if no one bids more, than the lender becomes

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    the borrower was using the loan for is the security for the loan. Banks and lenders and not the ones who give out mortgages, they only use lend money and use the mortgage for loan.

    There are a couple reasons why borrowers enter into foreclosure. A main reason is high interest rates due to an adjustable-rate mortgage. Lenders make the adjustable-rate mortgages look more attractive than the fixed-rate mortgage. Long-term, borrowers cannot adjust to the high interest rate. People can quickly fall behind in their mortgage payments and find themselves in debt to the lender.

    During pre-foreclosure, the lender/bank sends the mortgagor several payment notices. If after several payment notices go unpaid, the foreclosure papers are filed at the local county clerk’s office the by the lender’s attorney. Also during this phase, a public foreclosure auction is scheduled.

    The lender gets the first bid at the auction and if no one bids more, than the lender becomes

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    osure. A main reason is high interest rates due to an adjustable-rate mortgage. Lenders make the adjustable-rate mortgages look more attractive than the fixed-rate mortgage. Long-term, borrowers cannot adjust to the high interest rate. People can quickly fall behind in their mortgage payments and find themselves in debt to the lender.

    During pre-foreclosure, the lender/bank sends the mortgagor several payment notices. If after several payment notices go unpaid, the foreclosure papers are filed at the local county clerk’s office the by the lender’s attorney. Also during this phase, a public foreclosure auction is scheduled.

    The lender gets the first bid at the auction and if no one bids more, than the lender becomes

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    n quickly fall behind in their mortgage payments and find themselves in debt to the lender.

    During pre-foreclosure, the lender/bank sends the mortgagor several payment notices. If after several payment notices go unpaid, the foreclosure papers are filed at the local county clerk’s office the by the lender’s attorney. Also during this phase, a public foreclosure auction is scheduled.

    The lender gets the first bid at the auction and if no one bids more, than the lender becomes

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    ers are filed at the local county clerk’s office the by the lender’s attorney. Also during this phase, a public foreclosure auction is scheduled.

    The lender gets the first bid at the auction and if no one bids more, than the lender becomes the new owner of the real property. Since, money is worth more to the lender than a piece of real estate, the lender will than try to get rid of it.

    Always do due diligence when buying or investing foreclosures. There are resources all over the place to help with the due diligence process. There are many ways to find foreclosures in your area including the local newspaper and the internet.

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