It’s the the legal process by which an owner’s right to a property is terminated, usually due to default. This generally involves a forced sale of the property through a public auction. The proceeds are then applied to the mortgage debt.
GRANDE PALISADES
… excellent progress continues despite summer rains …
C.R. #545 (Avalon) just north of U.S. #192
Mutual funds and investors are now moving into the mortgage market buying up foreclosure properties and distressed loans from banks.
Watch for this to impact the market over time based on their ability to modify loan terms more easily than traditional lenders.
* Third party postings are not endorsed by, nor do they reflect the opinions of Florida Ideal Realty.