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Washington DC Real Estate Resource Center: What is Foreclosure?

In today's economic climate, the word "foreclosure" is used quite often. But what is foreclosure?

Washington DC Forclosure Process

Foreclosure is a termination of all rights of the homeowner covered by a mortgage, as the home becomes property of the lending institution. Foreclosure results when the homeowner defaults or does not make mortgage payments on time, which can be a result of unemployment, terms of the loan, or financial troubles.

Before full foreclosure, the borrower can pay off the default amount during a grace period, or pre-foreclosure, and regain ownership of the home, or sell the property during the pre-foreclosure period. Full foreclosure allows a lender to recover the amount owed on the property. When the lender takes ownership of the property, the lender usually re-sells it on the open market. Buying a foreclosed home can mean you get a great deal, as the property is sold for the outstanding mortgage balance owed to the lender. However, buying a foreclosed home means that you're buying it as-is. Therefore, the property condition may be suspect to any homeowner damage.

Washington DC Forclosure Information

To further the homeowner's legal right to a property, a buyer purchases title insurance. Title insurance makes the title company legally responsible for any missed items during the title search and if any title problems arise, the title company defends the title in court.

For more information on foreclosures in Washington DC, contact Michelle Buckman. Representing W.C. & A.N. Miller and Christie's Great Estates, Michelle focuses on Chevy Chase, Northwest Washington DC, Capitol Hill, and the Trinidad neighborhood.

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Michelle Buckman Real Estate

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