What is a Foreclosure?
Foreclosure is defined as the legal process by which a defaulted borrower is deprived of his or her interest in the mortgaged property. It is not a property type; it is a result of unfortunate circumstances. The financial profile of borrowers experiencing foreclosure is changing. Foreclosure rates are significantly higher for subprime mortgages than for traditional mortgage products but rates of default are increasing amongst the most credit worthy individuals and prime borrowers. Job loss, illness, divorce, business failure and predatory lending are some of the most common circumstances amongst those who experience foreclosure. Foreclosures damage one’s credit by a minimum of 200 points and it is reflected on a credit report for 7 years. These are large numbers and they have an even bigger impact on one's quality of life.
Blondin Group Realtors are qualified to effectively represent prospective foreclosure buyers as well list and market bank owned properties. We help property owners with understanding options they should consider. We also strongly urge everyone to contact their financial, tax and legal advisors for the most accurate information on their specific situations. Blondin Group Realtors recommend that sellers seek information on foreclosure avoidance at www.hud.gov/foreclosure
Here is a FAQ that you may find helpful if you are interested in knowing more about foreclosures:
- Foreclosure FAQ
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