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 lender tries to recover the quantity 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 specific number of month-to-month payments, but it can likewise occur when the debtor fails to satisfy other terms in the mortgage document.
   
   - Foreclosure is a legal process that permits lenders to take ownership of and sell a residential or commercial property to recover the quantity owed on a defaulted loan.
   - The foreclosure procedure differs by state, however in basic, lenders attempt to work with customers to get them caught up on payments and avoid foreclosure.
   - The most current national average number of days for the foreclosure process is 762