Facing House Foreclosure? Heres What You Need to Know – Legal News

This video is an excellent source for those looking to purchase a property in foreclosure or who is facing foreclosure.

The Foreclosure Process
The foreclosure process initiates in cases where an individual is caught with multiple loan payments. Missing payments result in a loan falling into default. The bank or moneylender will start the foreclosure process when the loan is in default. The ownership of the property passes onto the financial institution. This property has now become a foreclosure.

Properties in Foreclosure
To officially qualify as a foreclosure it must be successfully completed. A foreclosure property is not sold to anyone else. If your house or property has become a foreclosure, the window to purchase is over.

If you are facing house foreclosure and don’t know how to proceed the following video can help to clarify some details for you. For additional information or legal guidance, however it is best to consult an attorney. best option. v33lmmdfsl.