Difference between revisions of "Find Out If a Home Is In Foreclosure"
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Foreclosure is a process that lenders initiate when a homeowner stops paying a mortgage. Depending on the state of residence, a foreclosure can be initiated and completed in a matter of weeks or be drawn out for almost a year.<ref name="rf1">http://www.investopedia.com/terms/f/foreclosure.asp</ref> When a home in your neighborhood goes into foreclosure, your own property value can be affected. If you are a tenant renting a home that has gone into foreclosure, the bank could take the home from you with little notice, even if you are paying your rent. Find out if a home is in foreclosure by checking the records held with your county recorder or public auction companies. | Foreclosure is a process that lenders initiate when a homeowner stops paying a mortgage. Depending on the state of residence, a foreclosure can be initiated and completed in a matter of weeks or be drawn out for almost a year.<ref name="rf1">http://www.investopedia.com/terms/f/foreclosure.asp</ref> When a home in your neighborhood goes into foreclosure, your own property value can be affected. If you are a tenant renting a home that has gone into foreclosure, the bank could take the home from you with little notice, even if you are paying your rent. Find out if a home is in foreclosure by checking the records held with your county recorder or public auction companies. | ||
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== Steps == | == Steps == | ||
===Searching When You Know the Homeowner's Name=== | ===Searching When You Know the Homeowner's Name=== | ||
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# Understand the effects of foreclosure. Foreclosure of one home can affect the entire neighborhood. Having a neighborhood house foreclosed on can affect the property values of surrounding homes, as potential buyers may shy away from buying into the neighborhood. A foreclosed home may also fall into disrepair, which can make the property less appealing to potential buyers.<ref name="rf4" /> | # Understand the effects of foreclosure. Foreclosure of one home can affect the entire neighborhood. Having a neighborhood house foreclosed on can affect the property values of surrounding homes, as potential buyers may shy away from buying into the neighborhood. A foreclosed home may also fall into disrepair, which can make the property less appealing to potential buyers.<ref name="rf4" /> | ||
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== Tips == | == Tips == | ||
