what is the difference betweem defaut versus declosure?
Answers (1)
FIRST ANSWER
Hi Stan,
Thanks for your e-mail. Default is when a property owner is behind on their payments and foreclosure is when an owner has had a judgement against them in the courts that allows the bank or lender to take back the property. After foreclosure, the ownership of the property transfers to the lender.
I hope that helps,
Mike Hastings, Realtor
Dawn Realty
352-538-1092
Web Reference: http://www.mhastings.com
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