So you want to know more about foreclosures?
Wikipedia defines foreclosures as follows: Foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue HOA dues or assessments.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgement.
Great articles published about foreclosures.
Palm Beach County home sales up 33% as prices fall 34% from '08 - Palm Beach Post
Palm Beach County home prices continued to fall in February, but sales spiked as bargain hunters snapped up foreclosures and short sales, ... By JEFF OSTROWSKI.
HUD secretary, Congress debate foreclosure plans - Associated Press
President Barack Obama's foreclosure plan comes with questions - The Grand Rapids Press Editorial Board
Majority of Foreclosures are Concentrated in Five States - Wizbang
Mortgage relief? - Bradenton Hearld
Foreclosure Plan Has Something Going for it—Specifics - U.S. Banker
Fannie Mae to draw on Treasury after $25.2 bln loss - Reuters
* VIDEO - CNBC's Jim Cramer's Perdictions - CNBC