FORECLOSURE PROPERTIES

WHAT IS FORECLOSURE?

Foreclosure is the legal process by which an owner’s right to a property is terminated, usually because of default. Default means failure to make required debt payments (mortgage payments) on schedule, or to comply with other conditions cited in an agreement or contract. Foreclosure negatively affects a homeowner’s credit.

WHERE TO FIND INFORMATION ABOUT FORECLOSURE PROPERTIES

• The Real Estate section of Sunday newspapers usually contains sections advertising foreclosures
• Local banks receive lists of properties in foreclosure at the beginning of each month
• A town’s tax assessor may know of properties the town is selling due to the nonpayment of taxes
• Commercial websites offer listings for subscribers

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PREPARED BY: 211/kq
CONTENT LAST REVIEWED: December2010