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What types of foreclosures are there?

There are two types - judicial and non-judicial. A foreclosure that results from a court action is a judicial foreclosure. The mortgage deed or trust does not have a power of sale clause, therefore the lender, trustee or another lienholder must take the borrower to court to recover the unpaid balance of a delinquent debt. By contrast, a non-judicial foreclosure is one in which a foreclosure can be completed outside the court system. Real property can be sold under a power of sale in a mortgage deed or trust that is in default, but the lender is unable to obtain a deficiency judgment.

The foreclosure process begins with the mortgage company that wants to regain control over the home to reduce their losses. Once a couple of payments are missed, the lender will send out notices and contact you to try to work things out. If an acceptable arrangement is not made, then the legal process begins.

For the person looking to buy foreclosed homes - often cheap homes -, they can expect to save as much as 25% on the purchase price of what a normal home would cost. In addition, many homes are in great condition, needing little or no repair. However, in the majority of cases, there is some level of home repair required and the downfall is that with foreclosures, you cannot inspect the home prior to purchase.

If you are a first-time buyer, buying a foreclosed home may be a serious consideration since the down payment is low and the sellers are often very motivated.

If you are interested in buying a foreclosure or bank foreclosures you should contact us ASAP!!! We look forward to helping you.

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