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  2. What is a foreclosure? How it works and how to avoid it - AOL

    www.aol.com/finance/foreclosure-works-avoid...

    A foreclosure occurs when a lender takes control over a property from a borrower for failing to make timely payments. A foreclosure can damage your credit score and result in loss of property. As ...

  3. What is the right of redemption? How it works during foreclosure

    www.aol.com/finance/redemption-works-during...

    Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us. ... For example, in Alabama, borrowers have the right for up to one year after foreclosure, while ...

  4. Foreclosure - Wikipedia

    en.wikipedia.org/wiki/Foreclosure

    Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. [ 1][ 2] Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower ...

  5. Buying a home after foreclosure - AOL

    www.aol.com/finance/buying-home-foreclosure...

    Generally, though, if you want to get a second chance mortgage after foreclosure, here’s how long you’ll have to wait: Conventional loan (3–7 years) – After a foreclosure, it can take you ...

  6. Penny auction (foreclosure) - Wikipedia

    en.wikipedia.org/wiki/Penny_auction_(foreclosure)

    Auctions. A penny auction is a collective action taken during the auction of a foreclosed property to force the sale of the property at a low price, with the intent of then returning the property to its previous owner. The process—usually achieved with a combination of intimidation, threats, and physical force—effectively circumvents ...

  7. Real estate owned - Wikipedia

    en.wikipedia.org/wiki/Real_estate_owned

    Real estate owned. Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender —typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1] A foreclosing beneficiary will typically set the opening bid at such an auction for at ...

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