How Do Foreclosure Auctions Work?
Foreclosure Auctions is a legal procedure for auctioning the borrower’s properties by the lender in the event of non repayment of the amount by the borrower in the time period mentioned in the agreement known as “deed of trust” .In the lay man terms “deed of trust” is also called as “mortgage”. “Foreclosure” legally includes the activity between two persons i.e. the lender and borrower .This foreclosure activity provides the borrower to borrow money from the lender i.e. banks, government or any other medium at the mortgage of borrower’s Property .The agreement is signed between the two clearly mentioning the deadlines for the borrower to repay the borrowed amount to the lender. Upon violation of this agreement “deed of trust” the lender owns the sole authority over the borrower’s property which he/she has kept as security with the lender. There are various options for the people to mortgage and obtain loans easily through banks or financial institutions or government.
