The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”.

What is a ghost mortgage?

A silent second mortgage is a second mortgage placed on an asset (such as a home) for down payment funds that are not disclosed to the original lender on the first mortgage. The second mortgage is called “silent” because the borrower does not disclose its existence to the original mortgage lender.

What happens if you lose your home to foreclosure?

In some states, homeowners can get their home back after a foreclosure sale during a redemption period. If you don’t make your mortgage payments, the bank can sell your home at a foreclosure sale and use the proceeds to repay the debt. But you might be able to get your property back if you lose it to foreclosure.

Can a foreclosure purchaser live in the home during the redemption period?

Some states permit the foreclosed homeowner to live in the home during the redemption period. In others, the purchaser who buys the home at the foreclosure sale gets the right to possess the home. But if the homeowners redeem, they get it back.

When do you get your home back after a foreclosure?

In some states, homeowners can get their home back after a foreclosure sale during a redemption period. If you don’t make your mortgage payments, the bank can sell your home at a foreclosure sale and use the proceeds to repay the debt.

What does it mean when a house is in foreclosure?

Foreclosure is the process by which a mortgage lender sells or auctions off a piece of property to recover the losses from a mortgage loan that has been defaulted. Who sells the property depends on the terms of your mortgage.