SubscribeHome Auctions - the Second Stage of Foreclosures
The auction is the stage of the foreclosure (The legal process instituted by the lender in a mortgage loan after the borrower’s default.) process in which the default or preforeclosure (A preforeclosure occurs after a homeowner has defaulted on their property, but before it has been sold at auction. )phase of the property has ended. The lender is now seeking to recapture its losses by auctioning the property in a public sale to the highest bidder.
The proceeds from the sale will be disbursed to the lender who initiated the foreclosure action, which in most cases is the lender holding the first mortgage. Once the first mortgage holder’s position has been satisfied, any additional funds will be used to settle any other remaining obligations. If all encumbrances (A charge, claim, or… Continue reading
Tags: Foreclosures, foreclosure auction, foreclosure action