Featured Listings
764 Blythwood Dr
$1,850,000
Location, Location, Location! Situated in the highly coveted Highlands Elementary and Handsworth Secondary School catchments and steps away from the brand new Delbrook Rec Centre...
126, 2030 Marine Drive, North Vancouver. V7P1V7
510 - 22577 ROYAL CRESCENT
$498,000
The Crest! BRAND NEW BUILDING! GST PAID. This is a gorgeous 2 Bed, 2 Bath , 2 balconies and has a spacious living & dining...
126, 2030 Marine Drive, North Vancouver. V7P1V7
What Is Foreclosure?
Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property. Typically, default is triggered when a borrower misses a specific number of monthly payments, but it can also happen when the borrower fails to meet other terms in the mortgage document.
KEY TAKEAWAYS
- Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.
- The foreclosure process varies by state, but in general, lenders try to work with borrowers to get them caught up on payments and avoid foreclosure.
- The average number of days for the foreclosure process is 673; however, the timeline varies greatly by state.
- If you are behind on your mortgage due to a COVID-19-related financial hardship, you may be eligible to suspend payments for up to 12 months with no late fees.
