Understanding Foreclosure
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The Process Varies by State

Consequences

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1. Absolute Auction

1. Bank-Owned Residential or commercial property
2. Deed in Lieu of Foreclosure
3. Distress Sale
4. Notice of Default
5. Other Real Estate Owned (OREO)
   
   What Is Foreclosure?
   
   Foreclosure is the legal process by which a loan provider tries to recover the amount owed on a defaulted loan by taking ownership of the mortgaged residential or commercial property and offering it. Typically, default is triggered when a debtor misses out on a particular variety of monthly payments, but it can likewise occur when the borrower fails to meet other terms in the mortgage file.
   
   - Foreclosure is a legal procedure that enables loan providers to take ownership of and sell a residential or commercial property to recover the quantity owed on a defaulted loan.
   - The foreclosure process varies by state, but in basic, lenders try to deal with borrowers to get them caught up on payments and avoid foreclosure.
   - The most recent nationwide average variety of days for the foreclosure process is 762