The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage
" or "deed of trust
". Commonly, the violation of the mortgage is a default
in payment of a promissory note
, secured by a lien
on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien
Search Foreclosure types:
- Pre-foreclosure – identifies homes on which lenders or other parties have begun the default against delinquent property owners.
- Auction – identifies homes that have an auction date to sell the property as a result of a default and foreclosure related proceedings.
- Bank Owned/Real Estate Owned (REO) – identifies properties currently owned by a bank, lender, or other financial institution due to a foreclosure-related proceeding.
For more information on Baltimore Foreclosures, please contact us