Foreclosure Information – Types of Foreclosures

There are a number of different ways that homes can be purchased and sold but, when talking specifically about foreclosures, there are only two – the first is foreclosure by sale and the second is a strict foreclosure. In more general terms, a foreclosure is the legal process in which a lender, often a financial institution (such as a bank), uses a court order to dissolve a borrowers right of redemption to the home.

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