Foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue HOA dues or assessments. The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgement. Contents [hide] 1 Types of foreclosure 2 Acceleration 3 Process 4 Contesting a Foreclosure 5 Foreclosure auction 6 Further borrower's obligations 7 Countries other than the USA 8 Further reading 9 References 10 See also

bank owned homes - Google News

Google News

12/31/1969 06:59 PM

Sanibel Island Florida Bank Owned Foreclosure Home Unique Buying Opportunity - PR Web (press release)

Sanibel Island Florida Bank Owned Foreclosure Home Unique Buying Opportunity PR Web (press release) Luxury Lifestyle Homes alerts Sanibel Island Florida bargain hunter home buyers of an opportunity to purchase a bank owned foreclosure home in good ...

12/31/1969 06:59 PM

Foreclosure sales are 'sizzling' - OCRegister (blog)

Foreclosure sales are 'sizzling' OCRegister (blog) Orange County's housing mix has changed in a year, with more short sales and equity sellers and fewer bank-owned homes on the market compared to last ... and more »

12/31/1969 06:59 PM

Fifth Third Mortgage Company Sees Success in Mortgage Modifications - DSNews.com

DSNews.com Fifth Third Mortgage Company Sees Success in Mortgage Modifications DSNews.com The program, “You Have Options,” allows the bank to offer flexible term and rate concessions to bank-owned mortgages, which account for approximately 8 ... Hamp Champ: What Ever Happened to That Obama Mortgage Modification Plan?ABC News (blog) all 12 news articles »

12/31/1969 06:59 PM

No Exit in Sight for US As Fannie, Freddie Flail - Wall Street Journal

No Exit in Sight for US As Fannie, Freddie Flail Wall Street Journal Assistant Treasury Secretary Michael Barr says that because Fannie and Freddie are "owned by the taxpayers in the middle of the biggest housing crisis in 80 ... and more »

12/31/1969 06:59 PM

Las Vegas Foreclosures to Rise with BofA Bank-Owned Homes - International Business Times

Telegraph.co.uk Las Vegas Foreclosures to Rise with BofA Bank-Owned Homes International Business Times Concord said that currently, Las Vegas has a supply of 16215 residential units for sale, 8845 units of which are bank-owned homes, HUD homes and other types ... Fear and foreclosure in Las VegasTelegraph.co.uk all 2 news articles »

12/31/1969 06:59 PM

Foreclosure sales drive down county's median home price - Longview Daily News

Foreclosure sales drive down county's median home price Longview Daily News Bank-owned sales are also pulling down prices for other homes, leaving sellers who need to get rid of their house quickly in a bind, Lund said. ...

12/31/1969 06:59 PM

Valley apartment market deteriorates in fourth quarter - Las Vegas Business Press

Valley apartment market deteriorates in fourth quarter Las Vegas Business Press A bigger issue lies with the growing number of investors buying distressed or bank-owned homes and placing them into the rental pool. ...

12/31/1969 06:59 PM

Sold again, property deteriorates while bouncing from owner to owner - Toledo Blade

Sold again, property deteriorates while bouncing from owner to owner Toledo Blade He and his business partners have snapped up nearly $150 million in bank-owned houses, the Web site claims. They make money by fixing up houses for rental ...

12/31/1969 06:59 PM

HOUSING: Defaults, foreclosures plummet in January - North County Times

HOUSING: Defaults, foreclosures plummet in January North County Times "I was just doing bank-owned (properties)," he said. "But short sales are radically increasing." Economist Nathan Moeder of the London Group said the drop ...

12/31/1969 06:59 PM

Foreclosures hit more than 2500 properties in Shasta County last year - Record-Searchlight

Foreclosures hit more than 2500 properties in Shasta County last year Record-Searchlight Over the past year, the number of bank repos on the market hovered between 100 and 120. On Monday, there were 165 listings of bank-owned homes, Garbutt said ... 2009 record foreclosure yearContra Costa Times REALTYTRAC YEAR-END REPORT SHOWS RECORD 2.8 MILLION US PROPERTIES WITH ...RealEstateRama Foreclosure Filings: 2009 Not Pretty, 2010 Expected to Be WorseSeeking Alpha (blog) all 575 news articles »

foreclosed homes - Google News

Google News

12/31/1969 06:59 PM

Foreclosures Rise - WMBB-TV

Foreclosures Rise WMBB-TV Bowman says he's surprised at the range of values on foreclosed homes. He's seen some valued as low as $50000 and as high as $1.6 million. ... and more »

12/31/1969 06:59 PM

City slow to recover from housing market collapse; buys just 8 homes out of ... - New York Daily News

New York Daily News City slow to recover from housing market collapse; buys just 8 homes out of ... New York Daily News As of Friday, the city has only bought 8 of the promised 115 foreclosed homes in New York. A year ago, Mayor Bloomberg announced the city ... NYC housing program off to slow startWCAX all 3 news articles »

12/31/1969 06:59 PM

City of Davenport: Deadline for housing program - Quad-Cities Online

Quad-Cities Online City of Davenport: Deadline for housing program Quad-Cities Online The intent of the Neighborhood Stabilization Program (NSP) is to prevent the blight and abandonment of foreclosed homes by encouraging the purchase and ... City of Davenport: Funds available to remove lead contamination in homesQuad-Cities Online all 3 news articles »

12/31/1969 06:59 PM

Foreclosure sales drive down county's median home price - Longview Daily News

Foreclosure sales drive down county's median home price Longview Daily News Pushed down by sales of foreclosed homes, Cowlitz County home prices plunged in January, the Northwest Multiple Listing Service reported last week. ...

12/31/1969 06:59 PM

Fixing the foreclosure problem - Albert Lea Tribune

Albert Lea Tribune Fixing the foreclosure problem Albert Lea Tribune Over the next three years, the goal of the program is to rehab and sell 30 foreclosed homes in the county — thanks to a $610000 revolving loan fund with the ...

12/31/1969 06:59 PM

Renters of Foreclosed Properties in Connecticut Have Rights - Consumer Affairs

Consumer Affairs Renters of Foreclosed Properties in Connecticut Have Rights Consumer Affairs Vacant properties quickly become rundown and damaged by vandals, decreasing the value of foreclosed properties and surrounding properties. ...

12/31/1969 06:59 PM

Local banks scurrying to find buyers for foreclosed homes - Phoenix Business Journal

Local banks scurrying to find buyers for foreclosed homes Phoenix Business Journal Desert Hills Bank is using some nontraditional marketing methods to unload its heavy portfolio of foreclosed properties, which totaled nearly $60 million at ...

12/31/1969 06:59 PM

FBI: Mortgage fraud fastest growing white collar crime - St. Louis Globe-Democrat

FBI: Mortgage fraud fastest growing white collar crime St. Louis Globe-Democrat FBI officials said they most often see scam artists taking advantage of individuals whose homes are foreclosed upon. Aldrich said these fake companies ... and more »

12/31/1969 06:59 PM

Foreclosed homes compete with apartments in the Inland Empire - Los Angeles Times (blog)

Foreclosed homes compete with apartments in the Inland Empire Los Angeles Times (blog) As everyone knows, a glut of foreclosed homes has flooded much of Riverside and San Bernardino counties, and those homes compete with apartments for tenants ... and more »

12/31/1969 06:59 PM

Buy A Foreclosed House, Get A Bonus - KWQC 6

Buy A Foreclosed House, Get A Bonus KWQC 6 Davenport has $850000 dollars remaining in stimulus money to assist people interested in buying homes in foreclosure. The homes are located in specific ...

auction homes - Google News

Google News

12/31/1969 06:59 PM

Home-builder Champion to put assets up for auction - Reuters

Home-builder Champion to put assets up for auction Reuters PK), a maker of factory-built homes and modular buildings, could go ahead with an auction of its assets next month. Champion, which sought bankruptcy ... and more »

12/31/1969 06:59 PM

Breckenridge home to be sold at nationwide auction - Summit Daily News

Breckenridge home to be sold at nationwide auction Summit Daily News Other homes in the auction are in vacation and second-home communities of California, Florida and New York City, with original purchase prices ranging from ...

12/31/1969 06:59 PM

Foreclosure notices could climb in months to come - Atlanta Journal Constitution

Foreclosure notices could climb in months to come Atlanta Journal Constitution Equity Depot tracks notices published each month for public auctions scheduled for the following month. February's numbers count the homes set for auction ... and more »

12/31/1969 06:59 PM

Aiken mansion being auctioned off on Tuesday - WIS

Aiken mansion being auctioned off on Tuesday WIS Their next auction is in Aiken at a home known as "The Balcony." "This is a very much coveted home because of its history, its historic features, ... and more »

12/31/1969 06:59 PM

Bonanza of bargains? Not so, home buyers say - Palm Beach Post

Bonanza of bargains? Not so, home buyers say Palm Beach Post "Plus, many banks still sell homes off at auction or to capital investors, so not everything even hits the open market." Crystal Paul and her fiancé, ... and more »

12/31/1969 06:59 PM

Coyle's Auction Gallery - Antiques and Arts Weekly

Coyle's Auction Gallery Antiques and Arts Weekly ... Boston, Milton, Needham and Dover homes with selected additions. An interesting and quality auction with many fine offerings fresh to the market. ...

12/31/1969 06:59 PM

Opportunity arises in demise of Athena project - Sarasota Herald-Tribune

Opportunity arises in demise of Athena project Sarasota Herald-Tribune Now the Isles of Athena parcel once slated for 13000 homes will go up for auction today, with the lender likely taking back control and Sarasota County ... and more »

12/31/1969 06:59 PM

Building your Foreclosure Investment Team - EVLiving

Building your Foreclosure Investment Team EVLiving By 8:30 am we can put together all the gathered data into a spreadsheet for each home and then work with our on-site auction bidder to negotiate a winning ...

12/31/1969 06:59 PM

New Vacation Rentals By Auction Website Offers 'Name-Your-Price' Rental Option ... - PR-CANADA.net (press release)

New Vacation Rentals By Auction Website Offers 'Name-Your-Price' Rental Option ... PR-CANADA.net (press release) Plus all auctions have a "Rent-it-Now" option allowing visitors to immediately secure the home for the time period being auctioned. ... and more »

12/31/1969 06:59 PM

Sold again, property deteriorates while bouncing from owner to owner - Toledo Blade

Sold again, property deteriorates while bouncing from owner to owner Toledo Blade IT WAS advertised on the Internet auction site eBay as an investment property - a "huge duplex" on a Toledo block that has a pair of ...