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Was this a foreclosure?

  • Question refers to 235 Magnolia Creek Rd, Santa Rosa Beach, FL 32459
  • April 07 2007
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Answers (1)

The official answer is: Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, the courts can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue home owner's association dues or assessments.

A foreclosure is most commonly known as "when the bank takes the home back".  These commonly turn into REO (Real Estate Owned) properties that the bank tries to sell.  They can be great deals, if you look hard enough. 

Click Here to find out more about Bank Owned Homes.  Take care!
  • September 23 2010
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