Buying A Forclosure

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What is a Foreclosure Home?

Foreclosure is the legal process in which a bank or other secured creditor sells or repossesses a parcel of real property due to the homeowner’s failure to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust.”  This process gives the lender the legal right to take the property title away from the homeowner so the property can be sold and the lender can recapture its loan proceeds.