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Foreclosure Process Steps
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Loan Modification
The borrower may negotiate with the lender to modify the terms of the loan to avoid foreclosure.
Bank-owned Property
If the property is not sold at auction, it becomes the property of the lending institution.
Redemption Period
A grace period following foreclosure during which the original homeowner can buy back the property.
Reinstatement
The process by which a homeowner may stop foreclosure by paying off the due amount before a specific deadline.
Foreclosure Auction
A public auction where the property is sold to the highest bidder to recover the amount owed by the borrower.
Pre-Foreclosure
The period where a borrower can still rectify the default to avoid losing the property.
Missed Payments
Missing mortgage payments may trigger the foreclosure process, leading to potential loss of property.
Eviction
The legal process by which a tenant or former homeowner is forced to leave the foreclosed property.
Public Notice
After a set period, the lender may issue a public notice starting the official foreclosure process.
Deficiency Judgment
A court order that holds the borrower liable for the difference between the loan balance and the foreclosure sale price.
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