Foreclosure is the process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property, securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice, called a Notice of Default. The foreclosure process ends when the owner pays off the default amount or when the property is repossessed by the lender.
REVIEW FORECLOSURE BEFORE BUY OR RENT
Before buying a property, make sure you're armed with the foreclosure data to take advantage of, or to avoid possible trouble from, distressed properties. If you are a renter, you should check to see if that property is in default or not.
The SearchQ™ report will help potential buyers make a competitive bid on the property at a public auction.
Savvy buyers can search and buy a property outright in the pre-foreclosure phase at a discount.
Renters can use SearchQ™ to avoid rental property scams, saving time and money on moving, plus avoiding the loss of security deposit money.