Foreclosure is a technical term given to process that occurs when a person is unable to pay the loan on time and is then declared as a defaulter. The defaulter then sells his/her property in order to compensate the loss and pay the loan in full. Many websites offer you paid services to find such listings, but there are other methods available to find free foreclosure listings.
Foreclosure is of 2 types.
? Tax lien foreclosure.
? Mortgage foreclosure.
Mortgage foreclosure is further divided into Judicial Foreclosure and Non-Judicial foreclosure. If the foreclosure is settled by the court then it is "judicial foreclosure". In this case, the lender (person who provided the loan) can directly take over the property of the borrower with court intervention. Court is responsible for taking all the decisions regarding foreclosure. In judicial foreclosure, a legal notice is first sent to the borrower. If the borrower responds in a timely manner, the court then arranges for the auctioning of the borrower's property. The whole procedure is in followed in a formal manner.
Judicial foreclosure listings can be easily found on the county websites. For example, judicial foreclosure listings in Florida are managed by the Clerk of Court and a full list of all the foreclosures is available online on the county website.
When both parties decide to settle the loan without the intervention of the court, it is termed as "Non-Judicial foreclosure". In such a foreclosure, the lender is responsible for taking all the decisions.
Finding Non-Judicial listings for free is a difficult task as such listings are usually arranged by private parties who normally charge fees.
Information regarding tax lien foreclosures can also be found on the county website of the area. Tax lien foreclosures occur once in a year in most of the counties of United States. But, the county websites maintain such foreclosure listings 6-7 months prior to the sale. You can always check the county websites for the date when sale begins.
Foreclosure is a way to help borrower pay all his/her dues. The best way to recover money is to auction all the properties and if some amount is left after the final settlement the same is paid to the borrower.
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