Foreclosure Glossary Of Terms

A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold. In all cases, though, you must act immediately after receiving notice of a foreclosure. Sales at public auction are executed by the Sheriff’s Office approximately four months after a judgment is docketed. Foreclosure in the People’s Republic of China takes place as a form of debt enforcement proceedings under strict judicial foreclosure, which is only allowed by law of guarantee and law of property right.foreclosure

By law, foreclosure sales take place on the first Tuesday of the month between the hours of 10:00 a.m. and 4:00 p.m. Bidding is open to the public, but the mortgage holder often is the only bidder. In the best scenario buying a foreclosure is also financially advantageous since the price you paid is below market rate.

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