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What is a simple explanation for foreclosure?

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asked Jul 28, 2015 in Real Estate by Keithputi (2,280 points)
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Foreclosure Simplified:


When you are unable to pay the mortgage of your home the institute that financed the deal will take it back. Foreclosure is the process where you are given a certain amount of time to evacuate the house, which is usually around 30 days, unless you can update the payments. It's also a notice that you will be losing the property if the payments are not updated. 






answered Jul 28, 2015 by Percysk (2,040 points)
selected Aug 4, 2015 by Keithputi

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