Foreclosures

Before the recession, home foreclosure was a rare event. Since the recession, foreclosure has become a mainstream event that carries severe penalties on the homeowner's credit and takes a high emotional toll on the homeowner. If you are looking at foreclosures for sale and pondering whether or not to buy foreclosures as an investment, it pays to understand the foreclosure process.

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Foreclosures:

In the United States, there are two types of foreclosures. The state the property is in determines which of these foreclosure types is law.

• Non-judicial foreclosure
• Judicial foreclosure

What should I know about foreclosures?

The homeowner should determine what type foreclosure is applicable. These methods have different approaches but in the end accomplish the same thing. The homeowner is evicted and the mortgage lender will either sell the property at auction or hold it in their Real Estate Owned (REO) portfolio. At this time, it is quite possible that the bank will list the property as a foreclosure for sale or a short sale home.