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Meaning of foreclosure
Mostly, under the terms of a mortgage loan agreement, in the case of a default by a borrower in the repayment of principal or interest payments, the respective lender reserves a right to seize the mortgaged property. The property is later put up for public auction for recovering the outstanding. These properties come in attractive packaging with huge discounts and fiscal incentives by the Government, example tax credit.
Before, jumping into the fray, there are certain significant points to be considered for a foreclosure property purchase. The starting point should be a wide based search for the prospective buy. Some of the sources could be web based or published databases for the first round of short listing. Following this, an in-person visit to get a real idea about the condition of the property and any hidden flaws, should be made. Hire the services of an experienced professional throughout the deal process.
Eligibility
The Clause
Significance
