Tag Archive | “redemption period”

What Is Foreclosure?

Tags: , , , , , , , , , , , , , , , , , , , ,


Foreclosure is a commonly used term in which the owner’s right to property forcefully comes to an end due to his/her incapability of making principal or interest payment. These payments are done in exchange of the money borrowed or loan taken from the lender. 

foreclosure

Formally,  foreclosure can be defined as the legal process by which an owner’s right to a property is terminated, usually due to default. Typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.

The procedure of foreclosure differs from country to country. However, every state provides a limited amount of time to the borrower to repay the required debt in order to redeem his ownership.

Read the full story

 

September 2011
M T W T F S S
« Aug    
  1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30