Foreclosure is a legal process that allows a lender to seize and sell a property when the borrower defaults on their mortgage or fails to pay property taxes. If you’re considering buying a home, it’s important to know how to identify if a property is in foreclosure. This will help you avoid getting into a situation where you end up losing your home.
There are a few key signs that a property may be in foreclosure. One is if the owner has stopped making mortgage payments. This will usually result in the lender sending a notice of default to the owner. If the owner does not respond to the notice of default, the lender may file a foreclosure lawsuit.
