Buying via Foreclosure

Foreclosure is the legal process by which an owner’s right to a property is terminated. This is usually caused by an owner defaulting so heavily on a loan or tax debt that the bank or government steps in to sell the owner’s property to reclaim monies owed. Photo 6 of 6 in Dwell How-To: Buy and Sell Your Dream Home

Dwell How-To: Buy and Sell Your Dream Home

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Foreclosure is the legal process by which an owner’s right to a property is terminated. This is usually caused by an owner defaulting so heavily on a loan or tax debt that the bank or government steps in to sell the owner’s property to reclaim monies owed.