What is a foreclosure?

A Real Estate Tip from the Jamie Silverman Team

Please enjoy the real estate tip included below. If you have any questions about this tip - or any other tips you may have heard elsewhere - please ask! There is no obligation and you'll hear back quickly!

Real Estate Tip:  What Is a Foreclosure?

A foreclosure is a legal process through which a mortgagor loses his or her equitable right to redeem a mortgaged estate; in other words, the lender completely repossesses the home from the borrower (homeowner.) The lender goes through the legal motions to sell the property, terminate all the homeowner’s rights in that property, and remove the homeowner.

What are the effects?

• The most stressful and pressing effect that foreclosure has is that the borrower loses his or her place to live.
• Foreclosure negatively affects the borrower’s credit rating. It stays on a credit report for seven years and drops a credit score 250 points.
• A borrower who’s been foreclosed on may have trouble finding and keeping jobs since good credit may be required by employers to be hired.
• A foreclosed home can bring down the value of surrounding homes.

See Jamie and Kim's Feature Properties: www.JamieSilverman.com/myhomes.asp

The Jamie Silverman & Kim Panes Team
Weichert Realtors
505 Millburn Avenue
Short Hills NJ 07078
Bus: 973-376-4545
Mobile: 973-632-9913
Fax: 973-255-1025
Email Jamie: sjjsilver@gmailcom
Email Kim: KimPanes@gmail.com
Website: www.JamieSilverman.com