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March 25, 2009
Foreclosure homes are houses which borrowers still owe money on but can no longer afford to maintain their payments. Once borrowers become 31 days delinquent on their mortgage note lenders can initiate pre-foreclosure and force the borrower out of their home. Although the process takes several months to complete, foreclosure is a stressful event that will darken your credit history for up to a decade.
Once banks take possession of foreclosure homes they attempt to sell them through foreclosure auctions. More often than not, foreclosed homes require repairs and renovations. It is not uncommon for previous homeowners to trash the place when they are evicted.