a termination of all rights of the homeowner
covered by a mortgage.
a process in which the estate becomes the
absolute property of the lending
When do the foreclosure process
process begins when the
homeowner fails to make payments
of the money due on the mortgage
at the appointed time. This may
be due to several reasons.
Unemployment, divorce, medical
challenges, terms of the loan,
sick of property management, and
How many foreclosures
have over 650,000 foreclosure
listings in our database. Foreclosure numbers are growing daily. Of
the one hundred twenty or so
million homes in America, more
than 4% or roughly 4.8 million
of them are facing
listings accurate? Yes. We go through a
complete verification process to ensure to
our members they are getting complete
accurate up to date data.
How are you
different from other foreclosure sites?
Unlike other foreclosure sites we specialize
in helping buyers find great bargains often
at 35% - 60% below market value. We go
through great measures to ensure our data is
up to date and accurate.
Our investigation of national foreclosure
sites proved useless. Very few foreclosed
properties were listed and when they were
listed, the data was usually obsolete.
What is a
A notice to a borrower
with property as security under a mortgage
or deed of trust that he/she is delinquent
in payments. If the delinquency (money owed
and late), plus costs of preparing the legal
papers for the default, is not paid within a
certain time, foreclosure proceedings may be
What is a NTS / NFS?
This is the second and
final phase of the foreclosure process (
Auction). The notice is prepared and
recorded by the foreclosing trustee. It
recites the legal description of the
property being foreclosed upon and gives the
date, time and place of the pending trustee
sale. This publication phase has to be a
minimum duration of three weeks.
What is a
Real estate owned by a
beneficiary/lender because it was not bought
by an outside bidder at the trustee sale.
The instant that no bids are made at the
sale, the foreclosing beneficiary (lender)
becomes the owner. He/she now must keep
current any loans senior to his/her loan if
there are any. The property is now a
REPO or R.E.O.
(real estate owned).
Is the previous owner's
mortgage assumable? No. The
foreclosure process wipes off the previous
owners mortgage, so there is nothing left to
What type of financing
Generally a seller is
looking for someone who can pay cash or can
qualify for new financing. You can go to
the lender of your choice and obtain
whatever type of financing you would like.
The condition of the property and the
reluctance or inability of the seller to
make needed repairs may preclude the
availability of some types of financing.
Sometimes the seller will provide the
financing with contract for deed financing.
You can also use our
sponsored finance company.
property in bad condition?