Friday, December 09, 2005
Foreclosure
What is foreclosure?
Foreclosure is the process used by banks to take back property that borrowers are defaulting on the loans. When you buy a house, generally a mortgage is involved. The mortgage gives the bank the right to take the house back if the owner stops paying.
It takes approximately 120 days before the house goes to auction.
If the house doesn't sell at auction, the bank takes it back and it becomes an REO.
visit:
http://www.massiveforeclosureprofits.com
Foreclosure is the process used by banks to take back property that borrowers are defaulting on the loans. When you buy a house, generally a mortgage is involved. The mortgage gives the bank the right to take the house back if the owner stops paying.
It takes approximately 120 days before the house goes to auction.
If the house doesn't sell at auction, the bank takes it back and it becomes an REO.
visit:
http://www.massiveforeclosureprofits.com
