Posted on: 13th Mar, 2007 01:08 am
A bank wants to foreclose on my landlord's property. What is foreclosure?
By foreclosing the landlord's property, the bank actually wants to take over the house and sell it at a public auction thereby getting back wheveter money he has offered as loan. Your landlord may have defaulted on the loan as a result of which the property will be foreclosed.
Hi Linkmanager,
Welcome to Mortgagefit discussion board.
As Adonis said, if a person takes mortgage and is unable to continue making payments it results in defaults. In such situation the lender has the right to foreclose, which means take back the property and sell it to recover his dues.
You can read the other details about foreclosure from this page: http://www.mortgagefit.com/foreclosure.html
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
As Adonis said, if a person takes mortgage and is unable to continue making payments it results in defaults. In such situation the lender has the right to foreclose, which means take back the property and sell it to recover his dues.
You can read the other details about foreclosure from this page: http://www.mortgagefit.com/foreclosure.html
Do let me know if you have any other questions.
Thanks
Blue