what does 'foreclosure' mean? I am a Belgian woman looking to buy a house in NY state.

Asked by Felicia, Belgium, Europe Sun Mar 23, 2008

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CJ Brasiel, Agent, San Jose, CA
Sun Mar 23, 2008
Felician -

Foreclosure simply means that the owner of the home has not made the proper payments on the home to the lender. The lender has now served a "notice of default" which is the first step in the foreclosure process. The lender is now moving to obtain the collateral (the house) that secured the loan. There are multiple steps to the foreclosure process but eventually the house can be sold at an auction.

See this link for more details:
http://en.wikipedia.org/wiki/Foreclosure

CJ
Web Reference:  http://www.TalkToCJ.com
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